Trade Plan for 6/5-6/9
The Great Rotation and/or Inflation Nation
Despite unfilled gaps and *possible* bear divergence, I maintained a bullish bias on the market last week, as long as 4175.75 for $ES/SPX futures held. The low of the week was 4174 🎯✅ before a large move to the upside.💰💰💰
For a couple of weeks now I’ve been looking for a rotation of sorts where we start to see relative strength outside of tech and last week that was indeed the play with an impressive move for $RTY/small caps futures on Friday.✅
I was bullish on the precious metals sector and liked both gold and silver for a countertrend long. ✅✅
Despite having a longer term bearish view on oil, I thought it could be possibly be bullish last week, but it ended the week slightly south. I did observe a head and shoulders pattern on the hourly with a neckline at 71 and a measured move of 67.31 that I talked about on the Discord and that worked out nicely.
This week @SLMacro looks at short-term market sentiment post debt ceiling deal
Summary of Market Action Last Week:
$RTY/small caps futures outperformed last week after a very strong close to the week. Both $ES/SPX futures and $NQ/Nasdaq futures also closed in the green, with $NQ slightly underperforming the other 2 for a change.
$GDX/gold miners reversed recent bearish momentum and closed positively for the week. $GC/gold futures and $SI/silver futures also had a reversal of fortune last week.
$CL/Crude Oil futures bounced from support and showed strength into midweek, but lost ground at the end of the week. $XOP/oil equities followed suit.
Here’s how last week closed out:
For the week ahead (6/5-6/9/23)