Week of May 20

Double top or breakout.

Recap of last week

We had a stellar week, bagging almost 100 points in ES which is not easy to do in a 12 VIX environment.

Obviously that big of a week is not possible without getting the CPI move correct, which we did making us 4/5 on the year. We were wrong on April CPI, but every single other month we have been right on the direction the market moves afterwards.

CPI has gapped down the SPX the last four prints so to go out on a limb and say let’s go long futures into the print isn’t easy and takes conviction. We did that and got paid.

We doubled up on our ES long 1 minute after the print came out. Rode that for a nice trend day.

Oh and last but not least we went also bought ES at the exact low of the entire week the morning of PPI.

We closed the week at 5327.75. Low of the week was 5216.75.

Next move for markets