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[Week 22 - 2023] Trades Recap and Trade Setups

Hey Traders,


Huge inflow of funds continues to flow towards technology stocks, pushing broad index towards the upside. It is common that cyclical stocks will be the first to move when transitioning from a bear to a bull market. However, with the United States Dollar also rising, hot PCE report, and potentially more rate hikes. Is the market being too optimistic? We may potentially know more as we approach June.


Next week is a shorter trading week but packed with economic reports. Have a good weekend but brace yourself as the market reopens.


Upcoming Economic Release:

Weekly Economic Calendar for Week 22
Credit: ForexFactory.com Time: +8 GMT

S&P500 Futures

S&P500 closed at week at recent high

Equities faced downside pressure early on the week but all was quickly recovered with the strong upside momentum of technology stocks. The S&P500 recovered most of the downside move and closed the week at the recent high. If upside momentum continues, the index can push towards the 4300 region.



Dollar Index (DXY)

Dollar extends towards the upside reaching initial breakout target

The breakout of the 102.75 resistance level has met the initial target at 104.085. If momentum persist, the United States Dollar Index can push towards they key resistance zone at 105.0 region. The current upside momentum is extended and if price is to reach the 105.0 with the current momentum, it will be considered at overextended and potentially sell opportunities can be looked into.


Gold Futures

Gold closed the week at key support level

The initial target for downside breakout of the 1984 region is met with Gold ended the week at key support region. The strong downside move of Gold can be primarily linked to the appreciation of the Dollar. With Gold being at key support level and the Dollar being overextended, there is a high possibility that the key support will hold and Gold will begin to trade towards the upside at least for the short term.


Trade Recap


Sugar #11 - July Futures (Exclusive Trade)

Sugar #11 Futures Analysis

Recap (Week 21 - Last Week) Take Profit - 1

Sugar #11 Futures reached Take Profit (1) level

High risk short at market position reached Take Profit - 1 level where we announced to close / partial / risk free.


Corn - July Futures (Exclusive Trade)

Corn Futures Analysis

Recap (Week 21 - Last Week) Take Profit - 3

Corn Futures reached Take Profit (3) level

High risk buy at market position reached Take Profit - 3 level where we announced to close fully.


Trade Analysis / Setups


Soybean - July Futures (Analysis 22-1)

Soybean Futures Analysis

Analysis: Price is consolidating at the key support region. The price for soybean has faced immense downside pressure for several months now. We believe price is slightly overextended towards the downside (cheap) as such, we will only look for long opportunity.


Long opportunity: Break and retest confirmation at 1343 region towards 1386 as Take Profit - 1 level.


 

Cheers to all our member who managed to pack some profits this trading week.

Year 2023 Market Order Signal Accuracy

Accuracy: 90.9%

Win: 20

Lose: 2

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Stay safe out there and safe trading!

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