“Enter every activity without giving mental recognition to the possibility of defeat. Concentrate on your strengths, instead of your weaknesses… on your powers, instead of your problems.”
Notes for Tonight’s Newsletter:
Crude Oil is range-bound this evening with a bearish bias and sellers are current trying to break to new lows. If they fail, we will likely see a run back to the high of the range before we go lower again. Range-rotation is the name of the game for tomorrow, and the buyers failed to rotate back to range-highs which means the sellers will TRY to run this price down to the next range-expansion level at 40.81, but watch if they fail because that will send price back to the range-highs at 42.57 before we get another shot at selling this again.
E-mini S&P is bearish this evening but the sellers have two measured-moves acting as support which tells us the sellers will likely be taking profit into the closing bell tonight and we will wait for a bullish correction higher before looking for additional selling opportunities tomorrow. The short-term trading-range from earlier today will act like a magnet as buyers go hunting for bargains, but make no mistake, this is a bearish market so sellers will be waiting for the buyers to finish this move higher for the next round of selling.
Gold is bearish and range-bound but we have a BIG CLUE this evening that the party may be over in the short-term for the bears and the buyers look eager to run the sellers out of their post-NFP-News positions before going back lower again. We see the sellers just recently failed on the rotation back to the range-low at 1076.3 which tells us the pendulum of momentum will swing in favor of the buyers, likely sending price back to the highs at 1093.5 and possibly a test of the 1100.00 round number which then puts all the sellers' stop-losses within striking distance and a possible stop-run at 1108.7 which then gives the sellers who missed this move a 2nd shot at getting into this market selling at the same price they missed a week ago.
Euro is bullish this evening so our plan is to use channel-rotation and major measured-moves for our objective while looking to catch the sellers on the wrong side of the market with each pullback into support for entries. We are seeing a short-term measured-move at this time so we will wait for a small correction off this recent push higher, try to catch the sellers sleeping, and our goal is to get back to the highs of the bull channel in tomorrow's session.
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