Trade Plan for 5/22-5/26
Sell in May or are bulls here to stay?
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)