“Successful and unsuccessful people do not vary greatly in their abilities. They vary in their desires to reach their potential.”
Notes for Tonight’s Newsletter:
Crude Oil is bullish this evening after buyers had their way with the sellers today, which means we will be looking to buy deep-pullbacks with bear-traps for the next round of buying opportunities. Buyers will surely take profit after such a strong bull-day, and sellers to confuse that for weakness, so we will be waiting for sellers to fail around key support levels below for the best buying opportunities tomorrow.
E-mini S&P is bullish after another strong session from the buyers, so our plan is to keep using deep-pullbacks to trap sellers on the wrong side of the market for the most reliable opportunities tomorrow. We can see the previous high of day is also the big-round-number at 2100.00 so we expect buyers to take profit and a re-test of that area before a possible gap-fill at 94.50 before sellers fail and we push back higher tomorrow.
Gold is bearish this evening but the sellers were so strong on the way down today that we expect to see a pop higher to trap in the buyers before selling it back down tomorrow. 4 consecutive days of strong selling after last week's FOMC announcement don’t surprise us, but what DOES make us think is the aggressive selling today at the lows of the channel. Our plan is to look for these sellers to take profit, the buyers will take the 'bait' and we will be looking for the bulls to fail after a bullish correction to sell more tomorrow.
Euro is bearish with a spike & channel and bear-flag showing clear seller-control this evening so our plan is to look for a profit-taking correction up off today's lows for the next selling opportunity tomorrow. We will be paying close attention to the bear-flag that ended the session today because that will likely send this price up to the measured-move where we will look for bull-traps to sell back down again.
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