Last week I was on the lookout for a large move after a 4 week consolidation of both $NQ/Nasdaq futures and $ES/SPX futures. We saw a breakout early in the week, and then a grind upwards for the rest of the week, but I did take countertrend shorts at resistance levels. Interestingly both $NQ and $ES closed just above important levels on Friday. This week we have a futures contract roll that will gap $ES up by about 60 points early in the week, an FOMC decision and Options Expiration on Friday, so I am expecting (and hoping for!) some tradable drama. We have yet to see $RTY/small caps futures do anything interesting.
I have continued to swing some overbought tech shorts and finally (!) added a starter short $GOOG position to my swings last week.
I was mostly neutral for metals, but constructive on $GDX/gold miners. Silver held perfectly to a daily range until late Thursday when it broke out. 👀
$CL/crude oil futures have held in place just under a breakdown for a few weeks now. A large move is coming there as well.
Summary of Market Action Last Week:
Grind upwards for both $ES/SPX futures and $NQ/Nasdaq futures after a 4 week consolidation.
$GDX/Gold miners outperformed the broad market once again (again(again)) this week. $SI/Silver futures broke out from daily consolidation on Friday.
$CL/Crude Oil futures and $XOP/oil equities squeaked by with a slight gain on the week.
Here’s how last week closed out:
For the week ahead (09/15 - 09/19/25)