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)