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Notes for Tonight’s Newsletter:
Crude Oil is bearish after today's Inventory Report and with 2 spike & channels in today's session we know the best selling opportunities will be after a measured-correction higher. We can see the long-term bear-channel and some easy swing-highs overhead to use as resistance, and our best option is to wait for the buyers to fail after the correction higher before getting short for the next leg down.
E-mini S&P is bearish with an overshoot at channel-lows which tells us the best selling opportunities will come up at the highs of the channel tomorrow. We can see the overshoot at the channel-lows and a perfect measured-move telling us to stay patient for this measured-correction. Buyers should look for seller-failures during the correction for the safest buying opportunities.
Gold is bearish this evening after breaking-free of this morning's trading-range. Our plan is to wait for the measured-correction and buyer-failures around the range-lows and channel-highs tomorrow. This market really 'fell out of bed' today which tells us that most sellers probably missed this move and they will be waiting for the next opportunity to get 'short' somewhere around the highs of the channel or the original trading range.
Euro is range-bound and sideways, but today's undershoot of the range-highs combined with a possible bearish channel tells us the bias is to the sell-side going into the ECB meeting on Thursday. This market has big news tomorrow morning which tells us to be open-minded to anything after we see the reaction, but at this moment the bears have the edge so we look for buyer-failures to 'fade' the highs of the range.
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