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Trade Plan for 5/22-5/26
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Trade Plan for 5/22-5/26

Sell in May or are bulls here to stay?

Julia Cordova✨'s avatar
Julia Cordova✨
May 21, 2023
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Trade Plan for 5/22-5/26
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Last week I maintained a medium confidence bullish bias buying dips✅, riding the $NQ/Nasdaq futures breakout above my 13540🚀 resistance 💰💰💰✅ (that seemed a bit unpopular for some reason) and then shorting at resistance above 13837.25 and 13947 taking partial profits and keeping runners💰💰✅.  

I increased my bearish bias for precious metals✅ for the week to medium confidence, but then bought $GC/gold futures when it got to a weekly level that I thought it would close above✅.  

I believed that crude oil would close positively for the week as long as it held 69.32 on a dip✅, but then I shorted the pop above 72.52 and it closed at 71.69.✅

This week @SLMacro talks about Artificial Intelligence (AI)

Summary of Market Action Last Week:

  • $NQ/Nasdaq futures led the charge this week, breaking out impressively midweek, while $RTY/small caps futures and $ES/SPX futures were a bit more choppy and less decisive, although $ES did close above the 4183 resistance by the most yet, while $RTY closed above its weekly 20MA.

  • $GDX/gold miners pulled back again last week, but did bounce from support as did $GC/gold futures.  $SI/silver futures showed relative strength to closing just marginally red.  

  • $CL/Crude Oil futures bounced from support and showed strength into midweek, but lost ground at the end of the week. $XOP/oil equities followed suit. 

Here’s how last week closed out:

For the week ahead (5/22-5/26/23)

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