“We must train from the inside out. Using our strengths to attack and nullify any weaknesses. It’s not about denying a weakness may exist but about denying its right to persist.”
Notes for Tonight’s Newsletter:
Crude Oil is bullish after today's dramatic reaction to the FOMC announcement, but we have a measured-move acting as big resistance overhead, and combined with the spike and channel we saw today we will be patient to wait for a deep-correction before buying tomorrow. The measured-move tells us the buyers have pushed to their extremes and the spike and channel tells us the majority of the big players are already in long, which makes buying a little aggressive until we see a deep-pullback that can HOLD off the sellers who will be trying to pick a top.
E-mini S&P is range-bound but we have some significant clues telling us the buyers are likely going to try and wrestle this market away from the range-bound sellers tomorrow morning and we have a clear area of interest from 2075.00 down to 2070.00 to watch tomorrow. The buyers CLEARLY grabbed as many contracts they could get their hands on after today's FOMC announcement and finished the day at the highs, but the range-day overall tells us to be suspicious on the next pullback, so we will be watching!
Gold is bearish this evening with a rare quadruple-tiered bearish channel which tells us the sellers have control, but they are going to need to work very hard to keep control tomorrow and we have a clear correction area to work with tomorrow. Our plan will be to use this massive channel to play both sides of the market with traps.
Euro is bearish after the news today with a strong move lower, but we have some concerns over the big-round-number of 1000 along with the size of the channel on the way down which means tomorrow could easily reverse higher, and we have a plan to know WHERE to look for that move back higher. The spike and channel will likely correct higher up to 1.0963, which is where the sellers MUST hold price or it will move higher to 1.1000. Once we get back to the big-round-number we will watch the moving-average closely to see WHO takes control, and if the sellers can’t take control we will easily run back to the beginning of this move at 1.1100.
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