Trade Plan for 4/6-4/10
Was that it?
Last week was a change in pattern for the indices because despite gapping down once again, the dip was bought and this time it held. Overall we still saw lower highs and lower lows week over week, so the question is … was that it… or just a countertrend rally? I am skeptical, but as always this week I give intraweek key levels to watch for, so we can be prepared in either case.
Two weeks ago I covered half of my $META short (from 754 to 555) 💰💰💰- just in case of a bounce:
I remained optimistic about precious metals even though $GC/gold futures failed to hold a key level, thanks to strong performance from $GDX/gold miners and $SI/silver. 🍸🍸🍸
I once again suggested trading $CL/Crude futures on a ‘level to level’ basis, and my levels worked well. The close last week suggests more certainty for this week. 👀
Summary of Market Action Last Week:
· The indices gapped down for the 6h week in a row on last Sunday’s open, but held there, and we saw a rally into midweek. The dip was bought on Thursday, but the abbreviated futures session on Friday declined slightly. $RTY/small caps futures previously held relative strength for 2 weeks in a row, but this week we saw $NQ/Nasdaq futures lead the rally.
· Precious metals held support and booked a nice gain on the week. $GDX/gold miners outperformed for the second week in a row.
· $XOP/oil equities declined despite $CL/Crude Oil futures booking green by over 11% the week.
Here’s how last week closed out:
For the week ahead (4/6 – 4/10/26)