Because of CPI and FOMC last week I presented both a bull case and a bear case and emphasized that it was one to trade by the levels as opposed to bias. I have a lot of confidence in my weekly levels and ultimately $ES/SPX futures closed at 5502.25 directly inside of a 3 level resistance cluster. ✅ Because of the move up in markets on Monday, I took advantage of buying a double bottom for $RTY/small caps futures on Tuesday and held through CPI on Wednesday leaving runners. 💰
The move went from 2005.6 on Tuesday morning to 2095.2 on Wednesday, but despite continued upside for both $ES and $NQ/Nasdaq futures as anticipated, $RTY closed near the lows.😒
I was slightly bearish bias for metals on the week, but like indices, I felt it was one to play by the levels and I ended up buying gold and silver midweek. How it started:
How it’s going:
I was bullish on Crude oil✅, but oil stocks didn’t get the memo. Despite both indices and the commodity moving up, $XOP/oil equities closed red for another week.
Summary of Market Action Last Week:
$NQ/Nasdaq futures closed with a gain every day last week. $ES/SPX futures closed every day green except for Friday, when it closed slightly red and virtually flat. $RTY/small caps was the underperformer again for the week. Despite an hourly double bottom on Tuesday, it couldn’t hold Wednesday’s sizable gains and lost significant ground on Thursday and Friday to close red.
$GDX/gold miners and $SI/Silver futures closed the week near flat, but $GC/gold futures was able to settle with a slight gain.
$XOP/oil equities declined despite $CL/Crude Oil futures and the indices showing strength last week.
Here’s how last week closed out (includes a boost from $ES and $NQ contract rolls, but $RTY has not rolled yet):
For the week ahead (06/17-06/21/24)