I was bullish indices to start the week last week. I was looking for longs into the top of a large weekly bearflag that also intersected with one of my weekly trendlines.
I looked for long most of the week, but because price ripped into the top of the $ES/SPX futures bearflag/trendline intersection at 5943.75, I felt comfortable taking a short there. Minimally I thought it would be a good place to consolidate and I also believed that IF price were to reverse downwards, that was the level it needed to respect.
Price broke back above 5943.75 on the hourly, and we saw squeezy looking price action upwards. The most interesting thing happened after hours when price once again backtested that level on news. It ended up closing on the hourly just above.
The major trendline I was watching is an ascending trendline, so this week it’s a bit higher at 5957.50. I believe that is the fulcrum level to watch this week.
I continued to be bearish for precious metals, but I ended up picking up some $SI/Silver futures longs midweek. ✅ I was bullish for $CL/Crude oil futures last week.
Summary of Market Action Last Week:
$ES/SPX futures and $NQ/Nasdaq futures closed green every day last week. $RTY/Small caps futures was the laggard in terms of relative strength.
$GDX/Gold miners plunged last week amid precious metals weakness. $SI/Silver futures closed red, but held relative strength. Silver has been coiling sideways for months.
$CL/Crude Oil futures printed another green candle last week with a slight gain. $XOP/oil equities showed impressive gains.
Here’s how last week closed out:
For the week ahead (05/9 - 05/23/25)