Trade Plan for 9/16 - 9/20
A September Week to Remember is setting up
Last week I shared my intraweek key with you in my video posted on X and told you that as long as price got above $ES/SPX futures 5435 and held on the lows, I would be buying dips. Out of the gate on Monday price was already above and here was my note from Monday morning:
I included an hourly chart with my commentary and I was correct that price did not backtest 5435. Instead I bought a higher hourly support and we got beautiful upwards price action. 💰 On Wednesday’s CPI data, price dipped substantially and I near top ticked the morning’s price action at 5508.25 🎯, and bought a higher low after the ‘plunge’ below 5470 when 5435 was recovered. ✅ 💰
I was optimistic for both precious metals and crude ✅✅ and if you have alerts set for me on X you saw me point out the potential for Silver to breakout before it did. 💸
Summary of Market Action Last Week:
The indices held strong on the futures open last Sunday and grinded up throughout the week. There was a higher low put in on Wednesday, and that dip was resoundingly bought across the board. After being the weakest link for three weeks in a row, $NQ/Nasdaq futures was the strongest of the indices.
$GDX/gold miners was the relative strength winner across the board closing at recent highs. $GC/gold futures got a substantial push higher after 3 weeks of basing and $SI/Silver futures finally got the breakout bulls had been waiting for.
$XOP/oil equities declined slightly on the week, despite both indices strength and a relief bounce in $CL/Crude Oil futures, but it did come well off its lows.
Here’s how last week closed out:
For the week ahead (09/16 - 09/20/24)