Trade Plan for 6/8-6/12

Was Friday a one day wonder, or have we seen a real trend change?

Last week I had a chop/bearish bias. I had wanted to see more consolidation during the holiday weekend, but it broke out directly and I didn’t think it had enough juice to keep going. In the Sunday note I wrote:

Because I thought there wasn’t enough consolidation to withhold the last breakout and at worst case bears would see ‘chop,’ I continued to short pops all week. ✅💰💰💰 This was obviously especially profitable on Friday when we saw a tremendous down day. My levels worked spectacularly as both $NQ and $RTY closed last week *just* over weekly supports:

$NQ/Nasdaq futures low of the week was 28781.25 and it closed at 29026.50.🎯👀 $RTY/small caps futures also closed just over a weekly support, but for me $ES/SPX futures remains midrange, so it’s all above the daily structure, which I outline in this week’s note.

I didn’t have a bias for precious metals because I found the previous week’s price action to be frenetic. That sometimes happens before large moves and it’s important to know when you don’t have an edge and should wait to act on something as a longer term trade. This week I give ‘stick save’ levels and short term breakout zones.

Despite $CL/Crude Oil futures breaking down from a large diamond consolidation, we saw price gap up and hold. It’s all about the levels here for the next BIG move.

Summary of Market Action Last Week:

· The indices chopped all week into Friday, when we saw a large decline across the board. $NQ/Nasdaq futures was the relative loser for the week.

· Precious metals lost ground during the week, with particularly weak price action on Friday with the indices. $SI/Silver futures had declined slightly week over week in the previous week and it was the canary in the coalmine.

· $XOP/oil equities and $CL/Crude Oil futures held weekly gains despite the broad market.

Here’s how last week closed out:

For the week ahead (6/8 – 6/12/26)