“Good enough… ‘aint good enough anymore!”
Notes for Tonight’s Newsletter:
Crude Oil is bullish after sellers failed at yesterday’s range-lows and now we have a strong bullish trend going into Friday's session. We have completed the measured-move higher, so the best buying opportunities will come after a measured-correction off the highs into support zones below. Keep an eye on the volume-pullback area around 46.00 and be aware that a failure will send us back to the lows at 45.29.
E-mini S&P is extremely bullish this evening after buyers ran the stops above the big-round-number at 2000, so our plan will be to look for a measured-correction into volume-support on Friday. This market has pushed higher so quickly today that we can only wait for the next buying opportunity after a deep-pullback, and with the highs of the range lining up perfectly with the 2000 level this will make for an easy opportunity to look for new trades.
Gold is range-bound with a slight bullish tone this evening which means our plan will be to fade all breakouts using range levels, including range-expansions on Friday. Buyers have been busy this week pushing this price higher and it appears they finally found a resting place for the short-term. Our plan is to use failure patterns to fade the breakouts while keeping an eye on the ‘2-try-rule’ to qualify a breakout... and $1200 is just a slight push higher!
Euro is range-bound this evening with a clear volume profile that give us some great clues for where the range-rotation will likely occur tomorrow. We can see the moving-average flattened out twice today, and in between we saw the sellers grab control, which has created a double-distribution of volume which is our best clue for range-rotation tomorrow. Our plan will be to buy the lows and sell the highs, looking for failures to push outside this volume range.
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