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Last week I had a bullish market bias and outlined 2 potential intermediate term paths for $ES/SPX futures or $SPY. $NQ’s low was 12814.75 vs my support pivot of 12815🎯, and it settled on 13228.75 vs my resistance pivot of 13232🎯.
I was also bullish on the metals and I continue to believe that oil is consolidating inside of a large bullflag.
Summary of Market Action Last Week:
$ES/S&P 500 Futures, $NQ/Nasdaq futures and $RTY/Small caps futures were all green on the week. $NQ and $RTY advanced almost 2% each, while $ES spent the week in consolidation mode and closed with a modest gain.
$GDX (gold miners) managed to hold on for a greenish week, but was essentially flat, in conjunction with a slight gain for $GC. $SI gave up some of the impressive gains it posted the week before.
$CL/Crude Oil futures declined substantially on the week. $XOP/oil equities also gave back some of the gains from the previous week, but within the confines of an inside candle. The equities look to be holding relative strength to the commodity.
Here’s how the week closed out:
For the week ahead (8/8-8/12/22)