Week of May 28
Recap of last week
We were bullish last week as we kept the analysis super simple and were proven right. ES traded up early on in the week right off the bat from the Sunday futures open. You don’t get any points in trading for making things complicated. Simple is better.
Slow week generally until NVDA reported with a huge fakeout on Thursday. We managed to secure a nice long during Wednesday evening. We made the adept switch to NQ futures as ES was a bit soggy with some notable weakness in the Dow from industrials.
This trade ran for 120+ points with very little MAE.
Not a huge winner but made it out alive with a partial profit on 120 points while many got obliterated by the vicious fakeout/reversal.
Next week it gets dicey as bulls got taken to the woodshed after the false breakout and reversal. Friday bounced a bit.
Next move for markets