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Trade Plan for 8/1-8/5
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Trade Plan for 8/1-8/5

Bull Trap or Bear Crap ?

Julia Cordova✨'s avatar
Julia Cordova✨
Jul 31, 2022
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Trade Plan for 8/1-8/5
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Follow @CordovaTrades✨ and collaborator @SLMacro on Twitter and please share if you find our work valuable.

The strategy I outlined last week was that I would fade the initial move of the week if it were extreme:

This strategy worked exceptionally well. Tuesday closed near the lows after 2 days of selling.  Then the market recovered well overnight to gap up and rally into the Fed decision on Wednesday afternoon.💰

Here’s a chart of $SPY for Monday, Tuesday and Wednesday from last week:

I was also bullish on the metals and energy for the week.

Summary of Market Action Last Week:

  • $ES/S&P 500 Futures, $NQ/Nasdaq futures and $RTY/Small caps futures gained positive ground on the week and all broke out from their downward sloped channels.  All 3 closed Friday above their weekly 20MAs as well.  

  • Precious Metals saw Silver leading the upwards charge with impressive gains.  $GDX (gold miners) had a green week for the first time in 2 months.

  • $CL/Crude Oil futures reversed course to close green, while $XOP/oil equities gapped up and had a very strong week closing above its 20MA just like the indices.

Here’s how the week closed out:

For the week ahead (8/1-8/5/22)

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