“Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time.”
Notes for Tonight’s Newsletter:
Crude Oil is trading inside a wedge with no directional-bias which tells us to focus on fading the breakouts tomorrow. We will treat this wedge exactly like a trading range, rotating from high to low, and vice versa. The only BIG difference is the narrowest point of the wedge will most likely result in a strong breakout and our plan will be to trade the pullback.
E-mini S&P is range-bound and expected to finish the rotation back to the highs at 92.50 tomorrow after the sellers tried three times to push lower today and failed. The pendulum is swinging back in favor of the buyers at this time, so we expect a test of the range high and then we go from there. The bulls have tried numerous times to push this price higher this week and they all failed so a wise trader will wait for the bulls to buy the highs and sell into their 'stops' tomorrow if/when they fail.
Gold is rotating higher this evening coming off the lows of the weekly trading-range so we expect to see the bulls attempt to test 1085.4 before rotating back lower again. We are watching two areas very closely tomorrow looking for buyer-failures; first, if they cannot test the 1085.4 after breaking above 1080.5 that will signal buyer-failure and if we sink below the 1072.3 support level we will also expect price to push lower to the range-low at 1065.2 as well as the next range-expansion lower at 1055.1.
Euro is range-bound with a bull-bias this evening but the bulls recently failed their rotation so we expect a fake-break of the lows for a buying opportunity tomorrow. The range-rotation has been almost perfect in today's session until the end of the day when the buyers tried and failed to reach the highs. Keep an eye on the 1.0667 highs because if they can’t test that high we are going to push lower to find support levels to work with tomorrow for the next trading opportunity.
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