Trade Plan for 6/12-6/16
Hedging my Bets
I took on a slight bear bias on the market last week. My intention was to short pops particularly if we should reach my weekly resistance levels. Because of contract rollover on the continuous chart at the end of the day on Thursday, those levels were reached Friday morning.
As per my plan I took my maximum short position when we got to $NQ 14819.75 on Friday morning and as anticipated there was a bit of an overshoot, but that level performed well and there was a great backtest on the hourly.✅💰💰💰 $RTY settled right at the 1865ish level which I anticipated may happen from Wednesday. ✅
I was low confidence bullish once again on the precious metals sector and liked both gold and silver for countertrend long scalps.✅✅ I shared one on the Discord:
I had a levels based view on oil, but chose low confidence bullish last week. Interestingly despite it closing in the red, oil equities held strength and outperformed indices.
This week @SLMacro looks at different inputs that help shape his macroeconomic outlook.
Summary of Market Action Last Week:
$RTY/small caps futures outperformed again last week, but pulled back to close midrange at weekly resistance. $ES/SPX futures and $NQ/Nasdaq futures both chopped all week but managed to close in the green. $NQ slightly underperformed the other 2 for another week.
$GC/gold futures and $SI/silver futures showed strength again last week, but $GDX/gold miners came back to close down.
$CL/Crude Oil futures gapped up, but chopped downwards all week. $XOP/oil equities outperformed this week despite the crude price action.
Here’s how last week closed out:
For the week ahead (6/12-6/16/23)