“Get going. Move forward. Aim High. Plan a takeoff. Don’t just sit on the runway and hope someone will come along and push the airplane. It simply won’t happen. Change your attitude and gain some altitude. Believe me; you’ll love it up here.”
Notes for Tonight’s Newsletter:
Crude Oil is bullish this evening with a spike & channel and trading range for Tuesday's session. Our plan is to look for buying opportunities using measured-corrections and seller-failures as we go back to re-test the highs from today's session.
E-mini S&P is bullish with a spike and channel of its own, which means we're staying patient for the correction before buying more after last Friday’s bull-run. The spike and channel, along with the trading-range give us perfect entry areas, and now we just need to wait for the correction, followed by seller-failure to start buying again.
Gold is range-bound with a bullish-bias from last week's reaction to the Jobs Report, which means we're looking to fade breakouts this week until something changes. The most important thing to remember is to be suspicious of all breakouts, especially the break-downs to the lows. Use the range-expansions above and below for key levels of support and resistance for entries and exits.
Euro is rotational this evening and we have a line-in-the-sand at 1.1220 for the sellers to keep control on Tuesday before the buyers take it back. This chart is easily the most challenging this week because the sellers need to hold this price below the range-lows, meanwhile the bearish spike and channel tells us we will most likely see a correction higher before we go back lower.
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