Trade Plan for 7/28 - 8/1
FOMC, Earnings and Tariffs - Oh my
Last week I was slight bear so long as my $ES/SPX futures 6353.25 daily measured move held. There were 3 confirmed points of daily bearish divergence in both $ES and $NQ/Nasdaq futures as of the previous Friday, so I figured I should at least take a chance, given optimal entry in the week prior. I stopped out overnight on Sunday, and then scalped both directions for the remainder of the week, focusing on $NQ shorts until late in the week because of the relative weakness.
My best trades last week were in precious metals. I had started Sunday somewhat bullish, but expected more chop/downside in the beginning of the week to provide a base. Instead both $GC/gold futures and $SI/Silver futures ripped higher out of the gate, and unfortunately for bulls, lost momentum mid week. I pointed out bearish divergence for Silver on Wednesday afternoon and proceeded to short it for the rest of the week.
I covered my silver short on Friday morning close to the lows and ended up buying it there.
The low of the week was 38.10.🎯💰
I also nailed the $GC/gold futures low of week to the tick. From last Sunday’s note:
The low of the week was exactly 3325.5.🎯🤯 I scalped it long from there and gave exit near high of day after the dip for scalpers.💰
I didn’t trade $CL/crude oil last week because I am finding it too twitchy for my taste lately, but my levels performed well once again.
Summary of Market Action Last Week:
After 3 weeks of chop, $ES/SPX futures finally broke out to upside last week, and was definitively the strongest performer. $RTY/Small caps futures performed inline with $NQ/Nasdaq futures after 2 weeks of lagging.
$GDX/Gold miners was a surprise outperformer last week, despite weakness in the precious metals. $SI/Silver futures held relative strength against $GC/gold futures.
$CL/Crude Oil futures and $XOP/oil equities lost ground for the second week in a row.
Here’s how last week closed out:
For the week ahead (07/28 - 08/01/25)