The Moneymaker

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The Moneymaker
Trade Plan for 7/24-7/28

Trade Plan for 7/24-7/28

Spike it!

Julia Cordova✨'s avatar
Julia Cordova✨
Jul 23, 2023
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Trade Plan for 7/24-7/28
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I knew last week was going to be tricky, so instead of trying to decide on a bullish or bearish bias for the market, I made both a bull case and a bear case.  That was very helpful for my own clarity.  Ultimately I decided that if I saw market strength, I would long $RTY/small caps futures and if I saw weakness, I would short $NQ/Nasdaq futures using my levels as guides.  That worked out well given the market’s mixed performance this week.  $RTY settled up +1.41%  and $NQ down -.98%.✅💰

My weekly levels also performed well.  Here is how my weekly $ES/SPX futures levels performed on the hourly chart this week:

I gave 1953.9 as the $GC/gold futures bull/bear key for the week.  The low of the week was 1949.✅  I wrote that it was decision time over 1973.3, but gold retracted underneath on Friday to close ambiguously just in time for FOMC week. 😏

I pointed out that $XOP/oil stocks looked like a false breakout to me (normally I would be all over it), BUT because it can be ‘twitchy’ I said I would exercise caution with oil shorts if I took any while still above my level.  I didn’t trade it last week.  

Summary of Market Action Last Week:

  • The indices rose through Wednesday, but then declined on Thursday and Friday to close mixed.  $RTY saw the biggest gain week over week once again, but $NQ closed in the red.

  • $GDX/gold miners and $SI/silver futures pulled back from the previous week’s outperformance and gold closed essentially flat.

  • $CL/Crude Oil futures continued the break out and $XOP/oil equities reversed course to erase last week’s loss.

Here’s how last week closed out:

For the week ahead (7/24-7/28/23)

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