Trade Plan for 8/14 - 8/18
Right on the Bubble
Last week I kept my bear bias confidence, but I did lower it slightly because of the chance of a spike on CPI data. We did, in fact, close the week red, but $ES/SPX futures was down less than half a percent week over week at the close on Friday. Broadly speaking I was watching 2 primary levels. The first was 4526 on hourly closes and the second was 4469.25 as a measured move (that happened to also correspond with the 50DMA👽).
I ended up buying the dip at 4469.25 on Friday morning and then taking profit and leaving runners. $NQ/Nasdaq futures closed right at 15095.75 vs my ‘double support’ of 15093.25-15096.25.🎯
I said it was up to precious metals to prove themselves, but they did not meet my conditions and kept dropping. I gave 23.775 as the level to watch for silver and that was the exact high of the week.🎯
I thought that Crude oil and $XOP/oil stocks could possibly decline, but oil didn’t quite get to my level to short with a great r/r from. $XOP, however, did reach my measured move target of 150.31. The high of the week was 150.43.🎯
This week @SLMacro looks at Intel, a beaten up stock looking to rebound.
Summary of Market Action Last Week:
After a green day on Monday, the indices chopped downwards for the rest of the week with volatility from the CPI and PPI data. Still, $ES/SPX futures closed the week down less than half a percent. $NQ/Nasdaq futures and $RTY/small caps didn’t hold as well.
$GDX/gold miners also closed red by a slight margin. $SI/silver futures outpaced $GC/gold futures to the downside once again.
$CL/Crude Oil futures closed marginally higher, but $XOP/oil equities continued to outperform the indices to the upside.
Here’s how last week closed out:
For the week ahead (8/14-8/18/23)