“Only those who attempt the absurd can achieve the impossible.”
Notes for Tonight’s Newsletter:
Crude Oil is range-bound and balanced this evening so our plan for tomorrow is to fade all the breakouts until we see the '2 try rule' qualify the new direction. We can see a wedge formed smack in the middle of this range, and with balanced volume and a flat moving-average we can easily see both sides trying to take control, so we will be suspicious of ALL breakouts until we see a new direction with the 2-try-rule.
E-mini S&P is bullish after buyers defended the pullback today so our plan is to look for counter-trend 'bear traps' for the best opportunities to buy more on Friday. This market feels VERY bullish this evening after the sellers got NOWHERE on the pullback. The S&P won’t make it THAT easy to buy the dips, so our plan will be to look for bear-traps to buy as it pulls back each time on the way higher to the targets above.
Gold is bearish but oversold this evening so our plan is to stay patient for a deep-correction tomorrow and use buyer-failures as the trigger for entry back down again. The sellers have had an EASY day today but the measured-moves down along with the GAP above tell us it’s too aggressive to sell NOW, but after the bears take profit and buyers try to push it higher we will have a great opportunity to call their 'bluff' and sell it back lower.
Euro is pushing higher off yesterday’s lows, but the slow moving price-action tells us this is likely a bear-flag which will be looking for ways to break lower in tomorrow's session. If the buyers wanted this price higher they would have taken it higher much faster today, which is the biggest clue we have right now. Buyers will be looking for opportunities at swing-lows and channel-lows on the way higher, but beware the flag-sellers will be looking for buyers to fail so they can sell this right back down again!
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