Trade Plan for 6/27-7/1 - Dollar Dollar Bills Y'all
With an overview of the US Dollar. Will the US lose reserve status?
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Given the bearish nature of the previous weekly candles and the carnage in crypto last weekend, many traders were very bearish going into this past week, but last week’s trading plan included another high conviction 4🍸 trade to buy dips in the indices, particularly in $NQ:
“The $NQ weekly candle isn’t obviously bullish, but it did manage to close within its channel and at the same time has the most visually obvious possible divergence, and that has me favoring it to trade this week.”
$NQ futures outperformed last week up 7.47%.✅💰
This week I outline another 4🍸 trade idea and SLMacro opines on the US Dollar and whether or not it’s in danger of losing reserve status. I will be doing a live video discussing this week to take some questions at the end so I will include a zoom link for subscribers who want to join and then post the video later on YouTube.
Summary of Market Action Last Week:
$ES/S&P 500 Futures, $NQ/Nasdaq futures and $RTY/Small caps futures bounced significantly last week.🚀 $NQ was the strongest of the 3 majors, while $RTY continued to be the weakest.
Precious metals lost some ground against the feverish buying of indices, but $GDX (gold miners), did just enough to prevent a flush, bouncing from my diagonal ⚡ support, which by no coincidence aligned with a horizontal support where it has bounced from 4(!) times now.
$CL/Crude Oil futures ended the week down marginally, but crude stocks continued to descend from overly exuberant buying near the highs advocated by main stream financial news outlets.🤡📺
Here’s how the week closed out:
For the week ahead (6/27 - 7/1/22)