Trade Plan for 8/28-9/1
Last week I kept a bullish bias but lowered it to 2/5 🍸. Price respected my weekly and daily levels well with $QQQ making it’s highs at 372.74 vs my 371.74🎯. Here’s an excerpt from my note and the chart with my first pink range defined.
I continued to be bullish precious metals despite them being on the edge of a breakdown and when they didn’t take the easy breakdown, I became more confident and tweeted about it right before a big up day. I also scalped gold from near the bottom at 1918.
I was bearish once again on crude oil for the week. ✅
This week @SLMacro looks at 4 phases he sees playing out that ultimately leads to a lower stock market.
Summary of Market Action Last Week:
The markets were extremely choppy with buying into the first part of the week negated on Thursday with heavy selling. Friday closed green despite an hourly support breakdown in the morning. $NQ/Nasdaq futures eked out the biggest gain on the week, while $RTY/small caps closed red by less than half a percent.
$GDX/gold miners regained some of what it lost in the previous week and showed relative strength against other equities. $SI/silver futures led the rebound impressively.
$CL/Crude Oil futures and $XOP/oil equities contained losses and held just slightly red.
Here’s how last week closed out:
For the week ahead (8/28-9/1/23)