This week’s FOMC decision is set to be a pivotal one for both the indices and precious metals. As mentioned last week, I bought the metals dip a couple of weeks ago. $SI/Silver futures still looks fine to me in the bigger picture, but $GC/Gold futures closed just below a level I wanted to hold to be more certain of additional upside. So do I still believe? I outline levels to regain/last levels to buy in this week’s note.
The most interesting thing to happen last week, was $ES/SPX futures, $NQ/Nasdaq futures and $ZB/T-bond futures all hit supports at the same time and bounced.
That was a great scalp, but the bounce didn’t hold for the next day. Still, it validates my levels working together nicely. By the end of the week, $ZB/T-bond futures bounced near perfectly from the next support down, which was a more solid support. Is the bottom in?? I outline some ‘high probability’ setups for this week. Let’s hope they hit!
$CL/Crude oil is currently in the ‘la la land zone’ – I give next level resistance and where to try a countertrend if hit.
I added to a couple of my big tech shorts last week. It’s not that I necessarily think that we’ll see an imminent correction, but it’s my belief that these charts are more likely to go sideways/down than up in the intermediate term.
Summary of Market Action Last Week:
· The indices futures dropped into Thursday, before bouncing on Friday. All three closed red with $NQ/Nasdaq futures performing slightly better on the decline.
· Precious metals declined once again and this time took $GDX/gold miners with them.
· $CL/Crude Oil futures and $XOP/oil equites both gained for the week. The commodity outperformed the equites substantially amid weakness in the broader indices.
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 (9/14 – 9/18/26)