Trade plan for 5/15-5/19

Home on the Range but will the Bulls come out charging?

Last week I kept my medium confidence bullish bias, as I felt the consolidation in indices had been constructive.  My weekly levels performed extremely well again.  For $NQ/Nasdaq futures I was watching 13311.50 first as resistance ahead of 13384 and then as support after $NQ saw bear divergence and approached my 13490.25 daily resistance.🎯I have visually depicted it below:

I had a bearish bias for precious metals and pointed out some bearish divergence in $GDX and $SI/Silver futures.✅✅. 

I decided on a nominal bull bias for crude oil, but still shorted the bounces as scalps.

This week @SLMacro looks at different historical conditions and how the market reacted to them.

Summary of Market Action Last Week:

• $ES/SPX futures spent the week in limited range bound chop, while $NQ/Nasdaq futures put in a low for the week on Wednesday and then a high on Friday during the Thursday overnight session.  $NQ managed to close the week green despite a volatile session on Friday.  $RTY/small caps futures were the weakest of the indices closing red by just over 1%.

• $GDX/gold miners pulled back last week and underperformed along with $SI/silver futures. $GC/gold futures closed marginally red and managed to hold a weekly close over the much watched 2000 level.  

• $CL/Crude Oil futures popped for the first part of the week, but reversed course on Wednesday and continued downwards into Friday’s close losing ground on the week. $XOP/oil equities held a higher low from the previous week, but also closed down for the week. 

Here’s how last week closed out:

For the week ahead (5/15-5/19/23)