I was bullish indices to start the week last week as I planned to buy dips so long as my support was not breached (it was not), but I also noted excellent risk/reward short levels. The week ended with indices just rejecting under my weekly resistances for $ES/SPX futures, $NQ/Nasdaq futures and $RTY/small caps futures on Friday. 🤔
The high of last week was 5724.75 vs my 5726.75. 🎯
I remained bearish on gold again amping up my bearish confidence and we saw great follow through. ✅💰
I remained low confidence bullish for crude but it fell last week, even with $XOP/Crude equities holding strength.
Summary of Market Action Last Week:
Despite some volatility, $ES/SPX futures and $NQ/Nasdaq futures closed green every day last week. $NQ was the strongest last week followed closely by $RTY/Small caps futures.
Precious metals cooled down last week with $GDX/Gold miners being the relatively weakest from an equity viewpoint.
$XOP/oil equities gained on the week despite $CL/Crude Oil futures weakness for the second week in a row.
Here’s how last week closed out:
For the week ahead (05/05 - 05/09/25)