Crude Oil is creating new wedge lows and because of this, I will be continuing to look short further down to 101.00 or lower. Until we have price pull up a bit giving us a solid swing low, we will keep looking short. I will consider longs if the pattern sets up 100%, but otherwise the bias will be short for the majority of the morning.
The Euro is pushing VERY hard to the highs of the wedge around 1.3560's. I will be looking long short term but as we near these wedge highs I will be shifting my bias to short to take this back down to the wedge lows as well as a potential blow-off to the BMT at 1.3474. I will consider longs above the wedge highs but we need to see a break of those highs with conviction first.
Gold is pushing VERY hard through the BMT at 1333.8 and is quickly approaching the lows of the wedge. I will be looking to take this short down to the wedge lows around 1320's. We do have the swing low at 1321.7 ahead of the wedge low first, but a test of the wedge low is definitely on deck with this strength to the downside.
The Russell had a HUGE gap lower this morning forcing price to open below the BMT. This strong shift in price is going to force this market lower. I will be looking to take this market further down with the first target area at 1054.3, secondly at 1049.5, and finally the wedge lows as the major target. I will also consider long trades as a gap fill may be on the docket today from a rally after a large gap down. Come join us in the room and see how we do it!