As I hinted at in the public part of last week’s note, my inclination was for precious metals to draw back last week.✅
Even if metals decline this week, I outline backtest levels that are still great buys in my opinion!
So did gold and silver get to ‘big’ supports yet? I don’t think so. This week I outline dip buy levels once again. I am hoping that we see ‘high probability’ long levels this week. 🤞🤞
For the indices I used daily levels to identify a possible bottom and Thursday both $ES/SPX futures and $NQ/Nasdaq futures closed above their respective levels. On Friday’s drop, $ES closed *just* above where it needed to, but $NQ lost an important daily support and $RTY/small caps futures plunged. So that leaves us with ‘mixed signals’ for this week...
I took and shared 2 different big tech shorts again last week. How exciting! (I think)
$CL/crude oil futures held a weekly breakout backtest but just hung there.🤔
Summary of Market Action Last Week:
· The indices futures chopped sideways through Wednesday, rallied on Thursday and then dropped on the Friday Jackson hole speech. Both $ES/SPX futures and $NQ/Nasdaq futures were able to squeak out a green close, but Friday’s price action took $RTY/small caps into negative territory and it close near the low of the week.
· Precious metals declined after rallying in the first part of the week. $GDX/gold miners underperformed giving back some recent impressive strength.
· $CL/Crude Oil futures and $XOP/oil equites both declined, but $XOP held relative strength to the commodity.
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 (8/31 – 9/4/26)