Trade Plan for 8/12-8/16

Was that it or is more downside coming?

Last week I was optimistic for a bullish bounce given that the previous week had ended just above both my overall bull/bear keys and the weekly 20MA for $ES/SPX futures, but I did also specify that below those levels things could get bearish quickly.  Sunday’s futures open gapped down to open underneath my key levels and price action plummeted to weekly lows on Monday morning.  Monday’s morning note alerted to a possible double bottom on the $NQ hourly chart that ended up confirming. ✅ I added to my $TSLA long scale in just after the Monday open near lows for the week. ✅

I was optimistic for precious metals as well, but like equities they pooped out of the gate.  I did buy close to the weekly bottom for silver near the end of the day on Wednesday and held into the ascent on Thursday.💰 That evening was also the higher low for equities. 🤔

I wanted to be bullish crude oil, but technically I couldn’t be unless it pierced through 72.52 and then recovered.  Luckily it did that early in the week. ✅

Summary of Market Action Last Week:

• The indices gapped down on futures open Sunday night and made lows for the week on Monday.  Each closed Friday near the highs for the week, but only $NQ/Nasdaq futures managed to settle with a slight gain. $ES/SPX futures closed slightly red, but essentially flat for the week, while $RTY/small caps booked a loss.

• $GDX/gold miners closed down despite relative strength from $GC/gold futures, which held slightly green/flat for the week.  $SI/Silver futures declined on the week.

• $CL/Crude Oil futures finally bounced last week and $XOP/oil equities managed to be the outperformer for the week despite the weakness in indices. 

Here’s how last week closed out:

For the week ahead (08/12 - 08/16/24)