Trade Plan for 6/3-6/7
For as much drama as last week’s holiday shortened week seemed to provide, ultimately it closed just slightly down. I thought the most fun day was Friday. Here was the note I sent out premarket:
Price action backtested the bottom of the hourly bearflag at 5269 in the morning and then hit the measured move target of 5210.75 before reversing all the way back up and then some. I bought the dip in both $NQ and $ES. 🏆💰
I was slightly bearish for precious metals, but told the group I was long silver futures before the close on Friday and that trade performed very well before silver reversed after a great runup.
I was bullish for crude, as I continue to believe it is basing, but it closed the week slightly off. Crude stocks closed up by a good amount, but have not yet broken out. ✅
Summary of Market Action Last Week:
Indices hit their highs for the holiday shortened week on Tuesday and flushed to lows that got bought on Friday, which also marked the end of the month. $RTY/small caps showed the most relative strength last week closing nominally flat, while $NQ/Nasdaq futures lost the most ground for the week.
Precious metals and $GDX/gold miners managed to close mostly flat. $GC/gold futures was aided by a fortuitously timed contract roll upwards.
$XOP/oil equities showed the most gain last week and demonstrated relative strength against both the indices and $CL/Crude Oil futures, which lost about %1.
Here’s how last week closed out:
For the week ahead (06/03-06/07/24)