Trade Plan for 8/5-8/9
Last week started off extremely choppy. Monday through Thursday $ES/SPX futures started each US trading hours session with a gap up, but each day was sold off by the close except for the FOMC day on Wednesday. Despite reaching highs for the week on Thursday morning, the week ended near the lows on Friday after 2 days of blistering selling.
On last Sunday I wrote:
My levels performed extremely well. Thursday morning’s daily note put the $ES bull/bear key at 5598.25, which marked the top of the week (5600.75)🎯 and then my ‘Overall bull/bear keys’ marked lows and held into Friday’s close. ✅
I was optimistic for precious metals, and they ended up as the outperformers for the week, but I was slightly more optimistic for crude oil. Crude performed well into midweek, but Thursday morning marked the top and Friday prices careened past support into negative territory.
Summary of Market Action Last Week:
Despite several weeks of outperformance and a constructive looking close last week, $RTY/small caps erased 2.5 weeks of gains and was the biggest loser for the week. $ES/SPX futures and $NQ/Nasdaq futures sold off weekly highs on Thursday morning to close negative and near lows on Friday
$GDX/gold miners closed flat despite indices weakness. $GC/gold futures and $SI/Silver futures ended green, but $GC looks deceptively positive because it was aided by a contract roll gap up.
$CL/Crude Oil futures and $XOP/oil equities both lost ground again on the week.
Here’s how last week closed out:
For the week ahead (08/05 - 08/09/24)