My BEST Trading Setups this Week: Gold, Nasdaq, S&P500, USD, US30, EURUSD, GBPUSD, and MORE!

Summary

In this Sunday video, the host discusses market setups for the upcoming week, focusing on indices, commodities, and FX. Despite a recent pullback, the host remains bullish on the S&P 500 and NASDAQ, viewing the dip as a buying opportunity. They share insights from the Commitment of Traders data, revealing institutional positions and recent buying trends. The host also touches on various trades, including gold, the Russell index, and currencies, emphasizing the importance of risk management and acknowledging market uncertainty.

Takeaways

• 📈 The speaker is still bullish on the S&P 500, NASDAQ, Dow Jones, and Russell indices despite expecting a pullback.
• 📉 A 3% pullback in the S&P 500 was observed, and the speaker considers this a buying opportunity within a bull market context.
• 🔢 The speaker noted that the S&P 500 has rarely seen pullbacks exceeding 2% during its bullish run.
• 💼 The Commitment of Traders (COT) data indicates institutional positions and recent significant buying in the Dow Jones, NASDAQ, and other assets.
• 📊 The speaker uses the Edge Finder tool to help identify trading opportunities based on a variety of economic and technical data.
• 🚀 The speaker is long on NASDAQ and has re-entered a long position on gold, despite a recent pullback and short-term bearish signals.
• 💡 The speaker emphasizes the importance of risk management and acknowledges that not every trade will be profitable, focusing on the long-term strategy.
• 🌐 Discussed the potential impact of a Trump presidency on the dollar and tariffs, suggesting a weaker dollar and possible inflationary effects.
• 📉 The speaker is watching for a possible long setup on the Russell index and is cautious about the recent sell-off in silver.
• 💬 Mentioned the importance of not cherry-picking winners in trading and the value of sharing both wins and losses for authenticity.
• 🌍 The speaker briefly touched on various currencies and commodities, noting setups and potential trades without strong biases.

Q & A

What is the current stance of the speaker on the S&P 500 index?

The speaker is still bullish on the S&P 500 index, despite acknowledging that a pullback was due and is now happening.

Why is the speaker happy to see a pullback in the indices like the S&P 500, NASDAQ, Dow Jones, and Russell?

The speaker is happy about the pullback because they believe it presents a buying opportunity in a bull market, aligning with their long-term bullish stance.

What key level of support does the speaker mention for the S&P 500?

The speaker mentions a key level of support at 5450 for the S&P 500.

What is the speaker's approach to trading pullbacks in a bull market?

The speaker views a 3 to 10% pullback as a good buying opportunity in a bull market, and they are willing to take multiple attempts to enter trades during these pullbacks.

How did the speaker's previous trade on the technology ETF (XLK) perform?

The speaker's previous trade on the technology ETF (XLK) during a pullback in April turned out to be one of their best trades of the year.

What is the Commitment of Traders (COT) data and why is it significant?

The Commitment of Traders (COT) data shows what institutional money is doing on a week-to-week basis. It is significant because it provides insights into the positioning of large institutional investors, which can influence market trends.

How does the speaker use the Commitment of Traders data in their trading strategy?

The speaker uses the COT data to understand institutional positioning and recent buying or selling activities, which helps in identifying potential market trends and making trading decisions.

What is the speaker's current position on gold and why did they re-enter the long side?

The speaker re-entered the long side on gold because they believe the overall upward trend is still intact despite a recent pullback and short-term bearish signals.

What is the speaker's view on the US dollar and how might political factors influence it?

The speaker is watching the US dollar for potential short opportunities and notes that a weaker dollar is generally favored by the Republican party, which could influence economic policies and tariffs.

How does the speaker use the Edge Finder tool in their trading?

The speaker uses the Edge Finder tool to get a comprehensive view of economic data, technicals, and sentiment to spot trading setups. They rely on the tool's confirmation before pulling the trigger on a trade.

What is the speaker's outlook on the Russell index and why are they cautious about it?

The speaker is bullish on the Russell index according to the Edge Finder tool, but they are cautious and waiting for a technical pullback, possibly to the 61.8% retracement level.

What economic indicators is the speaker monitoring to gauge the health of the US economy?

The speaker is monitoring Services PMI, labor data like unemployment claims and job openings, and the US dollar Index to gauge the health of the US economy.

What is the speaker's strategy for trading currencies and how does he approach setups?

The speaker looks for technical setups and confirmation from the Edge Finder tool before entering trades. He is particularly watching the Euro, USD/JPY, USD/CHF, USD/CAD, and AUD/USD for potential trades.

What is the speaker's take on Bitcoin and how did he miss a recent trading opportunity?

The speaker had a bullish setup on Bitcoin according to the Edge Finder tool, but he missed the trade as he was waiting for a pullback that never materialized.