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)