Crude Oil has broken above the BMT at 107.31 as well as breaking above the minor trend line after a steep sell off on the 1st. I am looking to buy this market up with the assumption that people will be taking profits off the table from that sharp move lower. I am looking for 108.75 as my first target but overall, the highs at 112.31. If we continue lower, I will be looking short under the minor trend line.
The Euro is stuck at its wedge lows right now. I am looking for this market to bounce higher up to 1.3198 first with possible continuation to the BMT at 1.3285. With all of this news in the world, this market has the possibility to show some severe volatility and will need to be traded with caution.
Gold has broken above the minor trend line as well as the BMT around 1393. I am looking to take this market higher to 1405 first with possible continuation to the highs at 1334.2. If we end up pushing lower, I want to see a failure below the BMT as well as a push below the minor wedge lows.
The Russell had a nice move higher from the 1st and is now seeing some large resistance at the BMT at 1024.3. We are in the middle of the wedge, so a trade here will be higher risk, but I am looking to take this short back to the lows at 1007.2. If we do continue higher, I will need to see a decisive close above the BMT at 1024.3 before looking long. Come join us in the room and see how we do it!