Wednesday, September 10, 2014

9 Trade Set-ups for Thursday | SchoolOfTrade Newsletter 09/10/14




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Notes for Tonight’s Newsletter:

Misc:
·       E-mini’s & Equities rise after a week of profit-taking
·       Crude Oil continues to tumble lower, testing $91.00
·       Gold keep going lower, tests the 1245.0 level
·       New ‘diplomatic solution’ being drafted between Russia and Ukraine (if anyone cares)
·       OPEC revises their 2015 global demand outlook for Crude Oil (lower)
·       Tomorrow (09/11) we remember the day that changed the world FOREVER.

Gold:
·       Long-Term Direction Bias = SHORT
·       Short-Term Directional Bias = SHORT
·       Fundamentals:  Less violence around the world, combined with a strong US-Dollar are keeping the buyers away from Gold Futures and pushing it lower.
·       Daily Chart:  we FINALLY pushed through the lows of the price wedge and now have a clear line to the next support level of 1242.3 and 1238.1
·       64-Anchor Chart:  new lower-lows tell us to look for selling opportunities at the levels above us @ 1260.1, 1271.1, 1277.3 and 1284.4 as we keep going lower.
·       32-Anchor Chart:  new lower-lows tell us to look for selling opportunities at the levels above us @ 1258.0, 1261.9, 1265.9, and 1271.8 as we follow this bearish trend lower.
·       16-Anchor Chart: new lower-lows tell us to look to sell the areas above us at 1251.6, 1253.2, 1255.6 and 1257.0 on the way towards our profit-targets below.
·       Profit-targets below @ 1242.2, 1241.7, 1240.4, 1238.5. 1238.9, 1232.0, 1214.1

Crude Oil:
·       Long-Term Direction Bias = SHORT
·       Short-Term Directional Bias = SHORT
·       Fundamentals:  A Strong US-Dollar, combined with the end of summer driving season, a slowdown in European/Asian demand, along with today’s revised outlook from OPEC are all reasons why Crude Oil is pushing lower.
·       Daily Chart:  We FINALLY broke through $92.00 and have tested the next support level at 91.21 on our way down to the next major support zone at 89.84 as well as the lows of the bullish price channel.
·       64-Anchor Chart:  New lower-lows on our way to the targets below us at 90.58.  We will continue to look for selling opportunities on the way down.
·       32-Anchor Chart:  New lower-lows and a bearish trend tell us to sell short at the trend-line resistance overhead, as well as 92.58, 92.90, 93.17 symmetry, and 93.36.
·       16-Anchor Chart: new lower-lows in this down-trend tell us to keep looking for selling opportunities at the resistance levels above us at the trend-line, 92.50, 92.90, and possibly 93.36.
·       Profit-targets below @ lows of the price channel, 91.00 & 90.00 big-round-numbers, 89.87 and 88.76

Mini-Russell:
·       Long-Term Direction Bias = LONG / NEUTRAL
·       Short-Term Directional Bias = NEUTRAL
·       Fundamentals:  a strong US-Dollar, along with a slowdown in Europe and Asia make US-equities very easy to buy for an investor right now.  The past week has been filled with (we assume) profit-taking, so we are watching closely for the next push back to all-time highs @ 1210.7
·       Daily Chart:  We pulled-back at the beginning of the week on assumed profit taking off the highs.    We found support at the short-term moving-average 1156.3… will the buyers make another run at the 1187.7???
·       64-Anchor Chart:  We have pulled-back to test the long-term moving-average at 1154.8, and this is also lined up with the lows of this bullish price channel.  This looks like a great place to BUY… but we need to see the buyers take this price-action higher on Thursday to confirm our entry trigger.
·       32-Anchor Chart:  Sellers failed to push lower today, and the buyers were able to get price back above the long-term moving-average at 1163.8….BUT… the sellers are in a great place to get SHORT so the buyers have one more day of defending this area before we can call this 100% bullish once again.
·       16-Anchor Chart:  sellers are in a PERFECT place to get SHORT right now, but we must remember that this is going against the long-term-trend.  Look for a move up to 1174.4 before we start thinking about buying.

·       Profit-targets below @ 1153.0, trend-line support, 1143.8, 1138.2

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