Trade Plan for 6/10-6/14
Last week I saw no technical reason to be bearish just yet, but I kept a slight bear bias until/unless the indices broke out, which happened at the end of the day on Tuesday. Wednesday was a strong uptrend day, but I took a countertrend short at my weekly level and traded around it into the data on Friday morning, which sent the indices well below, before they chopped around it. The weekly $ES/SPX futures closed at 5355.75 vs my 5353.25. 👽🔮
While I sent out daily levels to watch for in $ES, I also alerted to both Crude and Silver hitting major support on Tuesday. I took the $CL/Crude long from 72.52 (Low of week was 72.48):
Then again on Wednesday morning:
Silver respected my levels superbly.
Summary of Market Action Last Week:
$ES/SPX futures and $NQ/Nasdaq futures dipped and recovered on both Monday and Tuesday. Tuesday ended in a slight breakout, which led to a strong Wednesday. We saw slight down choppy action on both Thursday and Friday. $RTY/small caps was the underperformer for the week. It did not recover on the Monday/Tuesday dips and then declined more appreciably on Thursday and Friday.
Precious metals and $GDX/gold miners declined on the week despite early gains.
$XOP/oil equities gave back the relative strength against both the indices and $CL/Crude Oil futures it showed last week. Oil managed to put in a constructive looking candle on the week, but it remains below the 200 Weekly MA.
Here’s how last week closed out:
For the week ahead (06/10-06/14/24)