Trade Plan for 5/4-5/8

May the fourth be with you

Last week I started the week with a medium confidence bear bias as I believed the indices would potentially follow the weakness of precious metals from the week before. There was only chop through Wednesday, but Thursday price action broke out and that breakout was held on Friday. This week it’s all about holding (or not holding) what could be a major breakout for $ES/SPX futures IF it holds.

$GC/gold futures bounced nicely from my intraweek key of 4528.7.🎯

I was slightly bullish for $CL/Crude futures last week✅, but for now it’s rejected from a major resistance. 👀

Summary of Market Action Last Week:

· The indices consolidated in the front part of the week and then broke out on Thursday. $NQ/Nasdaq futures was the clear relative strength once again despite lackluster big tech earnings.

· $GDX/gold miners declined once again on weak performance for the precious metals.

· $XOP/oil equities rallied for a second week, as $CL/Crude Oil futures gained on the week.

Here’s how last week closed out:

For the week ahead (5/4 – 5/8/26)