Crude Oil is pushing lower into the wedge low after confirming that low from yesterday at 101.05. I am looking to sell this market down into that wedge low and for a push lower to the 101.05 low for a retest before looking to buy it back up. Long trades will be looking more and more favorable the lower we go here and I will be targeting the BMT at 103.39.
The Euro has created a new high at 1.3591 and has since fallen off. We are now in a buy zone on the Euro around 1.3533 to 1.3520. I will be looking both long and short today. Firstly, shorts will be targeting the wedge lows below us as well as potential blow off to the BMT at 1.3488. Longs will be targeting the highs back at 1.3591 which is looking more favorable this morning.
Gold had an absolutely MASSIVE sell off this morning pushing below the 1300 mark. With this monster push lower, I will be looking to sell this further down to at least revisit the lows this spiking candle will make down around 1285's. I will also consider longs as profit taking here will DEFINITELY happen. The long trades will be targeting a retest of the wedge lows that are now above us.
The gap down from Sunday didn't seem to phase the Russell today as we pushed back above the BMT and are now firmly above it again. We are pulling down a bit here so I will be looking short for a retest of the BMT at 1067.7 before getting the larger move higher. I will also consider longs with t his strength back to the highs around 1080's. Come join us in the room and see how we do it!