As much as I love trading ‘action,’ I am fully aware that the key to being a consistently successful trader has more to do with patience than taking action. Last week I was waiting patiently for 2 spectacular trading setups, but unfortunately neither of them came to fruition, so I remain patient. 😑
I had a bullish bias for precious metals, but the price action declined and remains overall sideways. Still, I believe they have held exactly where they need to for imminent breakouts. Much of whether that happens is correlated with the indices in my opinion. I know exactly what I want to see and I also know when I am wrong. This week looks like it’s set up to be a big week either way.
I was bearish for both $CL/Crude Oil futures and $XOP/oil equites, given some bearish divergence and a ‘fakey breaky’ with $XOP and that worked out quite well. ✅
Summary of Market Action Last Week:
· The indices rose spectacularly on Monday, but then backed off until Thursday. Ultimately both $ES/SPX futures and $NQ/Nasdaq futures closed green, with $RTY/small caps futures closing red as the underperformer once again.
· Precious metals lost ground of the week, as they continue to chop sideways overall. $SI/Silver futures was the relative underperformer after outperforming last week.
· Both $CL/Crude Oil futures and $XOP/oil equites declined in choppy trading and that was helpful for the 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 (9/28 – 10/2/26)