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Trade Plan for 6/10-6/14
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Trade Plan for 6/10-6/14

Wild Week Ahead

Julia Cordova✨'s avatar
Julia Cordova✨
Jun 09, 2024
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Trade Plan for 6/10-6/14
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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)

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