Last week in the front/public section of this note I wrote that $SI/Silver futures had broken out:
We saw great continuation for silver last week… and how good were my levels? Here’s how my silver dip buying level performed:
The low for the week was 62.45 just above first level support. 💰✅🍸
Even if metals decline this week, I outline backtest levels that are still great buys in my opinion!
For the indices, I felt the week could go either way as the previous week’s close was literally .25 of a point away from my first level resistance. Like metals, I believe that $NQ/Nasdaq futures are broken out, but the real backtest of that breakdown is lower. I give levels to buy and sell underneath.
I took a short the pop approach to $CL/crude oil futures, but we saw a breakout there.😑
Summary of Market Action Last Week:
· The indices futures dropped for most of the week and only rallied marginally on Friday despite monthly OPEX and end of week shenanigans. $NQ/Nasdaq futures was the relative loser for the week.
· Despite weakness in the indices, $GDX/gold miners rallied substantially amid strength in both gold and silver.
· $CL/Crude Oil futures broke out, but interestingly $XOP/oil equites underperformed the commodity after previously showing relative strength for several weeks.
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 (8/24 – 8/28/26)