Trade Plan for 9/26-9/30
Squeeze it or lose it!
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I expected last week to be “dramatic” and it did not disappoint. The September FOMC meeting midweek unleashed a torrent of selling. Price action bounced once into 3800 Thursday, where it was rejected, before continuing to sell to within sight of the June lows on Friday.
Directionally I was most confident in oil continuing to sell off. My plan was to short pops in crude oil 💰 and then I decided to flip long at my 78.22 support with room to scale. Here’s my write up on oil and $XOP/oil equities from last week:
I held silver long into resistance, where I reduced and then scalped my levels.💰
This week @SLMacro looks at the dumpster fire that is the European economy.
Summary of Market Action Last Week:
$ES/S&P 500 Futures, $NQ/Nasdaq futures and $RTY/Small caps futures all declined dramatically after the September FOMC meeting on Wednesday. Each bounced at the end of the trading day on Friday just in time for an attempt to hold the lows higher than the June lows.
$GDX (gold miners) held all week, but gapped down below support on Friday and the hourly price action stayed aligned with the markets declining with the market, but bouncing in the afternoon. $GC/gold futures and $SI/silver futures were rejected at resistance and gave back gains this week, but held up relatively well.
$CL/Crude Oil futures fell below the much watched $80 level on Friday. $XOP/oil equities careened downwards partially filling a gap left open since July.
Here’s how the week closed out:
For the week ahead (9/26-9/30/22)