Last week I remained cautiously bullish across indices, as price action had just been consolidating across a triple level convergence. On Tuesday morning’s daily update I identified confirmed triple bullish divergence on the $ES/SPX futures hourly and theorized in Discord that it was likely a trend day. From there we pretty much had 3 bull trend days in a row.
I remained optimistic for precious metals once again citing a ‘last chance’ inverse head and shoulders basing pattern on the $GC/gold futures 4 hour and 1 hour charts that would target “close to 2400.” Here is my commentary inside of the chart. The week ended at 2399.8 🎯🔮✨:
My plan for crude was to short pops against last week’s resistance of 84.38. This level performed exceptionally well, acting as the exact high into Friday and then serving as resistance once again. ✅
Summary of Market Action Last Week:
$ES/SPX futures and $NQ/Nasdaq futures dipped and recovered on Monday and then spent the rest of the holiday shortened week ripping upwards. After outperforming for 2 weeks, $RTY/small caps closed slightly red, despite strength in the other indices.
$GDX/gold miners showed relative strength against the market, while $SI/Silver futures and $GC/gold futures booked a substantial gain after 6 weeks of consolidation.
$CL/Crude Oil futures advanced, while $XOP/oil equities were weak against both the commodity and the indices.
Here’s how last week closed out:
For the week ahead (07/08 - 07/12/24)