Crude Oil is pushing up to a short term wedge high this morning. I am looking to sell at those highs back to the minor wedge low around 101.43. I will also consider looking long if we begin to break above the minor wedge high as these levels are only minor and usually break a bit faster than the longer term wedge.
The Euro is pushing higher on bullish news. I am looking to buy this higher up to the 1.3591 high as well as the wedge highs. Once we reach those areas, I will be shifting my bias to the short side to take this market back lower to the wedge low and possibly for a blow-off to the BMT down at 1.3496. If we push past the wedge high with conviction, I will look to buy a retest of the wedge high as support.
Gold has pushed higher from its low down at 1276.9 which confirmed the new wedge low. I am looking to buy this market higher to the 1315's in the TZ and possibly a bit higher to the BMT at 1324.2. Once we reach those areas I will be shifting my bias and looking to sell back down to test the new wedge low and possibly a bit further to 1276.9.
The Russell is bouncing around inside the cloud this morning and not really going anywhere fast. I will initially be looking to sell this market to the BMT at 1070.4 with a bearish setup but I will ALSO be considering long trades as we are nestled inside the 60-Minute cloud. If we begin rising higher, I will be looking for an upside target of 1086.8 at the highs as well as the wedge highs. Come join us in the room and see how we do it!