Trade Plan for 5/27-5/31

But wait there's more! ... Last week of May ahead

Last week I played each day one at time and I did end up taking the cheeky short on Thursday:

If you were watching my X feed you also saw me flip long at my 5280-83 level.  Buying a support like that never feels ‘comfortable’ when I do it, but I have trust in my levels even during a deluge like the one we saw Thursday.✅  That buy was rewarded on the bounce Friday, and since I also longed $RTY/small caps futures for the overnight hold I was rewarded end of day on Friday when it outperformed. 🏆💰

I gave specific flag levels to watch on the Substack and broadcasted my charts live with commentary for the Discord.  Woohoo!

I increased my bullish rating for both precious metals and crude to medium low, and they didn’t get follow through last week, but my levels performed very well against both for intraweek trading.

Summary of Market Action Last Week:

• Indices chopped into $NVDA earnings after the close on Wednesday and then both $ES/SPX futures and $NQ/Nasdaq futures hit new highs on Thursday morning premarket. $NQ gained for the week, while $ES closed essentially flat and $RTY/small caps lost ground on the week. 

• Precious metals declined for the week led by a decline in $GDX/gold miners. $SI/Silver futures showed relative strength over $GC/gold futures.

• Both $XOP/oil equities and $CL/Crude Oil futures declined on the week, but are still within the range set in the past few weeks.. 

Here’s how last week closed out:

For the week ahead (05/27-05/31/24)