Last week I gave a slight edge to bulls across the board for indices, precious metals and crude. Since $ES/SPX futures closed out with an hourly bullflag breakout, I calculated the measured move both with and without the benefit of the contract roll. Then on Monday morning before the open my daily note specified 5490.25 as a backtest.
$ES backtested 5490.25 perfectly (low was 5489.75 🎯) and then got to 5571.50 💰 on Wednesday night/Thursday morning.
Once silver finally got above 29.655 on Wednesday it moved to 30.845 Thursday and then lost the breakout overnight (sigh), but it did hold green on the week. Oil was also constructive for the week.✅
Summary of Market Action Last Week:
After 2 weeks of being the underperformer, $RTY/small caps demonstrated the best performance last week. $ES/SPX futures and $NQ/Nasdaq futures chopped to hold recent gains each settling higher week over week.
$GDX/gold miners and $SI/Silver futures closed the week green (a gain from flat the previous week), but $GC/gold futures settled slightly down, undoing the slight gain it showed the week before.
$CL/Crude Oil futures outperformed $XOP/oil equities for the second week in a row.
Here’s how last week closed out (includes a boost from $RTY contract roll):
For the week ahead (06/17-06/21/24)