Trading Plan for 4/18- 4/22/22
with a Macro overview of the Cannabis sector - Higher Highs or Smoked?
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Summary of Last Week:
Last week I conjectured that markets would open with a bearish thrust and outlined areas of support where I would take profit from my short positions from the week before and/or reverse. That is exactly what happened and price action respected my levels for indices impressively.✅ What an amazing week!
For $ES/S&P 500 Futures I gave a price target of support at 4380-4386. Price bounced from this range 3 times🎯🎯🎯 and then closed right above it. After the 2nd touch I tweeted that a 3rd touch of the 4386 area would not be bullish and indeed it was not. Price came back and closed at 4389.
For $NQ/Nasdaq futures I gave a 14361🗝️ bull/bear pivot. The high of the week was 14382. I said that there was significant support in the 13837.25-13899.25 area and that I felt it to be a “high probability bounce area at least for the short term.” Price bounced from 13902.75 & 13881.25 early in the week 🎯🎯 before settling at 13892.25 at the end of the trading week.
For $RTY/small cap futures I gave resistance at 2030. The high of week was 2036.7🎯 and the low of week was 1966.6 with a close of 2001.1
For $GC/Gold Futures I was able to draw in a weekly bull pennant and gave support at 1944.4 and resistance at 1986.6. The low of the week was 1942.9🎯 and the high of the week was 1985.8🎯. I live alerted on Twitter when the price got close to my weekly resistance. I also gave the early high of Gold for the week
“An upwards thrust to 1973 (4hr pivot) is possible if price opens and then holds above 1944.4 on Sunday evening.”
Price reached 1974.6🎯 Monday before a pullback.
For $CL/Crude Oil futures, I gave support in the 91.59-93.53 area. The low of week was 92.93🎯 and I said that it would be bullish for the week above 101.29 where it oscillated for just a bit before the next given resistance at 107.34. The high was 107.64🎯 before reversing to close at 106.95.
While I thought that $NG/Natty might reverse to touch my support before more upside, instead it went straight to my 7.191 resistance and beyond closing the week at 7.300.
Here’s how the week closed out: