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Notes for Tonight’s Newsletter:
These markets have been incredible this week, but we’re not finished yet; Crude Oil and the E-Mini S&P are bullish as they rotate back towards the highs, while Gold and Euro are due for corrections before we see the best trading opportunities on Friday… are you ready?
Crude Oil is bullish after sellers completed their rotation back to the lows and buyers begin their rotation back to the highs. The bullish spike & Channel tells us to look for a deep-correction to buy on the way to the 50% 46.38 and measured-move targets above.
E-mini S&P is bullish and trading in the middle of the range this evening after sellers rotated price back to the lows of the spike & channel, which was then followed by a bull channel and attempt to rotate back to the highs. Buyers MUST reach 65.25 if they want a shot at the highs, and sellers will be waiting to sell into their 'stops' if they can’t!
Gold is bearish this evening and ready for sellers to get back to work on rotating price back to the channel-lows. We have a bearish-bias below 1117.0 and after the buyers tried twice and failed to test the 1117.0 we expect to see sellers jump all over this... but we will always wait for proof before entry.
Euro is bullish as the buyers are only inches away from completing the rotation from low to high of the range. We are overbought near the highs after multiple measured-moves were completed, and with the highs of the channel staring us in the face we know the best buying opportunities will come after a rotation back to channel-lows and the 50% range support 1203.
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