Trade Plan for 8/10 - 8/14
Big breakout - Now what - and is the bottom in for precious metals?
I don’t know how many ‘expected’ Monday and Tuesday to be as strong as they were last week, but I was able to identify both as trend days before noon each day. I also outlined a plan to take profit on longs/short on Wednesday morning when $ES/SPX futures got to ‘first level resistance.’ Wednesday morning’s note:
Last week I wrote in the front part of this note that I continued/continue to believe that $GC/gold futures has done just enough to be constructive for higher, but $GDX/gold miners and $SI/silver futures looked more questionable. So is the bottom in for precious metals now? I give my opinion and the levels that need to hold moving forward. I had outlined the $GC/gold futures 3983 area (mentioned at one point in the front of this note) as the area to buy for a longer term hold and reinforced that each week. One of the traders who took that trade with me took a bit off last week right at my ‘overall key’ to secure a remarkable 400+pt win. ✅🎯💰
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:
· The indices futures gapped up on Sunday evening and we saw strong uptrend days on both Monday and Tuesday. The high for the week was on Wednesday when $ES/SPX futures rejected first level resistance. $NQ/Nasdaq futures was the relative strength winner last week..
· $GDX/gold miners closed impressively higher and was the clear equity outperformer last week as we saw both $GC/gold futures and $SI/silver futures put in strong weeks.
· $CL/Crude Oil futures continued a choppy drop pattern. $XOP/oil equites was the relative strength loser for the week, despite being the winner for equites last week.
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 (8/10 – 8/14/26)