Trade Plan for 5/20 - 5/24
Did this May get carried away?
Last week I was hesitant to be biased one way or the other because for me it was a ‘binary week’ with the CPI data on Wednesday. I was basically looking to continue long while $ES/SPX futures was holding above an ascending channel I was watching ✅💰 and then consider shorts on a ramp into resistance.
I took a short scalp at $ES/SPX futures 5301, but the market reversed at my 5291.75 key support and header back higher. I also started shorting on Thursday and Friday. I’ve been publishing daily $ES plans as a supplement and they’ve been very well received by members. Here’s an example from the day I took that short scalp/ CPI Wednesday:
The low Wednesday was 5286.75.✅ The high after breaking above the 5309.75 top of zone was 5337.25. 🎯👽💰
I was bullish for precious metals, but somewhat restrained. I gave my ‘what needs to hold’ levels and boy did they hold! 🚀 Woohoo! I was also bullish for crude oil again as long as it held above 76.62. The low of the week was 76.70.✅
Summary of Market Action Last Week:
Indices zipped up through midweek and while $RTY/small caps peaked on Wednesday, $ES/SPX futures and $NQ/Nasdaq futures hit highs on Thursday. $NQ eeked out the biggest gain for the week.
$SI/Silver futures broke above the much watched $30 level on Friday morning, while $GC/gold futures has yet to break above early April highs. $GDX is now above 2023 highs.
Both $XOP/oil equities and $CL/Crude Oil futures closed the week green for the second week in a row.
Here’s how last week closed out:
For the week ahead (05/20-05/24/24)