Trade Plan for 8/7-8/11

Was that it?

Each week I have included bull/bear biases and confidence ratings for the markets and commodities that I cover, but I am quite conservative in assigning those as first and foremost I believe in trading the chart as it happens with a plan either way.  Generally speaking I am more likely to take larger positions on higher confidence setups.  Last week for the first week in many I saw the potential for a higher confidence bearish setup for markets and gave it a 3🍸 out of 5 rating.  4🍸 has been my highest rating and I have been incorrect on only one of 12 since the inception of my rating system. 

My levels performed exceptionally well: 

I was low confidence optimistic for precious metals this week even though I described them as being in a ‘precarious position,’ so I laid out some conditions for them.

I thought that Crude oil and $XOP/oil stocks would likely continue upward momentum but noted that I would consider a short scalp at 82.39 which I did take into the 78s, before oil rose again into the end of the week. ✅💰

This week @SLMacro looks at treasuries and economic simulation.

Summary of Market Action Last Week:

• The indices topped out for the week on Tuesday and declined into the end of the week.  Friday appeared to bounce into the early afternoon and then swiftly descended after backtesting daily resistances.  $NQ/Nasdaq futures booked the largest decline, while $RTY/small caps held the most relative strength. 

• $GDX/gold miners, $SI/silver futures and $GC/gold futures closed red for the week, but gold did put in a higher high and higher low week over week.

• $CL/Crude Oil futures continued to ascend after a midweek pullback from resistance and $XOP/oil equities outperformed the indices to close with gains for the week.

Here’s how last week closed out:

For the week ahead (8/7-8/11/23)