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)