Trade Plan for 9/23-2/27

Let's get ready to rumble

Last week my initial plan was to look for shorts, but right out of the gate $ES/SPX futures formed an hourly bullflag on Monday.  I calculated 2 measured moves for the flag for both with and without the contract roll.  I shorted the initial target of 5736.25 into hourly supports and then I shorted again Thursday at 5796.50.  The high of the week was 5797.50 and I covered some at 5736.25 on Friday vs the low of 5733.50. 🎯🎯💰💰

From Thursday Morning’s note: 

I took longs on Thurday morning and then I alerted to me closing longs and opening shorts at the second bullflag target of 5796.50.  Here you can also see where I took some profit at the lows on Friday.  $NQ/Nasdaq futures low was 19860 vs where I covered those shorts at 19869 🎯💰:

I was once again optimistic for both precious metals and crude ✅✅ and took some great silver trades last week.

Summary of Market Action Last Week:

• The indices rose into the FOMC meeting on Wednesday when they spiked higher but then reversed back lower.  Overnight on Wednesday the indices reversed again to go higher and then continued to rise to highs on Thursday.  Friday’s OPEX saw some price decline, but also a bounce midday. $RTY/small caps futures was the strongest of the indices. 

• $GDX/gold miners, $GC/gold futures and $SI/Silver futures all progressed higher on the week.  

• $XOP/oil equities was the relative strength winner, while $CL/Crude Oil futures also got a nice pop.

Here’s how last week closed out:

For the week ahead (09/23 - 09/27/24)