Trade Plan for 7/27-7/31
Hanging on by a thread into major events next week
This week is both an FOMC interest rate decision on Wednesday at 2pm ET AND we’ll see major tech earnings on both Wednesday ($MSFT, $META) and Thursday ($AAPL, $AMZN) after market as well. While I certainly wish I knew definitively which way this week this will go, I do know definitively where I will buy/short under and where I will short/long above. Last week was all about continuing to hold recent breakout levels and on Friday $ES/SPX futures lost a key level, BUT held on to daily support in what looked like frenetic behavior around a ‘suspicious’ looking hourly bear flag.
I continue to believe that $GC/gold futures has done just enough to be constructive for higher. This week I give levels that $GDX/gold miners and $SI/silver futures need to exceed in order to look bottomy. With one trading week left in July, precious metals and associated equity have held relative strength over the course of this month.
Despite a breakout last week, I have a surprising intermediate bias for $CL/crude oil futures and outline why I think what I think and what I am looking for.
Summary of Market Action Last Week:
· After a rally into mid week, the indices declined on Thursday and chopped in place on Friday. All of the indices closed moderately red for the week.
· $GDX/gold miners rebounded with $GC/gold futures holding exactly where it needs to and $SI/silver futures showed relative strength to gold last week.
· $CL/Crude Oil futures advanced into the end of the week once again. $XOP/oil equites held gains, but rejected weekly resistance.
Here’s how last week closed out:
I broadcast hourly charts with weekly and daily levels 23/5 on Discord while futures are open. I give commentary and positioning during market hours.
For the week ahead (7/27 – 7/31/26)