"It's kind of fun to do the impossible." - Walt Disney.
Notes for Tonight’s Newsletter:
These markets are RED HOT going into September; Crude Oil collapsed off the recent highs, E-Mini S&P successfully broke out of the range to the downside, while Gold and Euro are making it easy for us inside the trading-range. We have a plan for tomorrow… are you ready?
Crude Oil is bearish after the bullish spike and channel collapsed this morning below our 'line in the sand' at $47. We find ourselves back inside the range from Monday which means we will trade this like a range, and wait for breakout opportunities with a bearish bias.
E-mini S&P is bearish after selling successfully tried twice and kept price outside the range going lower. We can see a new bearish spike and channel pattern which tells us to sell the highs of the channel and look for a large correction higher for the best selling opportunities tomorrow!
Gold is trading inside a range, but the buyers have successfully broken the highs twice which is a bullish signal, however the recent bull-traps and the inability to stay above the moving average makes this market feel very heavy so we will be looking for buyers to fail on the next push higher to sell back to the original range from Monday.
Euro is trading inside a range with only a single try from the buyers to break out of the range which means we are still looking for failures to sell back into the range, and we can see a GAP at 1.1200 to make an easy target for the sellers until we see the buyers try a 2nd time and keep price above 1.1255.
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