Trade Plan for 5/1-5/5
Cinco de Buy-o or Cinco de Die-o
Last week I maintained my bullish bias, lowering it just a tad, because of the 2 previous weeks failing to break over my 4183 “BUY OR DIE” $ES/SPX futures level. Because of my bullish bias I took the opportunity to ‘Buy the Dip’ twice last week. The first time I shared on Twitter in what I called a ‘drama queen’ down move prior to major earnings for a nice scalp and another time I got ‘degenerate’ long at 4073 live in the Discord. At the end of the day, I put a stop at the LOD (4068.75) and surmised that if price action closed above 4081.25 on the hourly, that price had a high probability of testing 4100.75, which it did before squeezing much higher.
I did not have a strong bias for metals or crude and didn’t actively trade them last week.
This week @SLMacro looks at credit tightening and what impact it has on commercial and consumer debt.
Summary of Market Action Last Week:
The market dipped prior to earnings, but hit support and ripped into Thursday and Friday. $NQ/Nasdaq futures advanced the most for the week, while $RTY/small caps futs was a laggard, still closing red for the week.
$GC/gold futures and $SI/silver futures traded chop inside of a muted range and closed with a slight gain on the week. $GDX/gold miners closed marginally lower (essentially flat.)
$CL/Crude Oil futures continued its descent, but bounced with the market on Thursday and Friday. $XOP/oil equities also closed essentially flat, but slightly green.
Here’s how last week closed out:
For the week ahead (5/1-5/5/23)