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Notes for Tonight’s Newsletter:
Crude Oil is bullish this evening with a possible trading range so our plan is to look for buying opportunities at support levels below while watching for failure and a return back to the low of the range. We can see the major bull-channel on the chart this evening tells us to look for buying opportunities up to complete the measured-move at 42.60 but the lack of consistent direction today tells us this has potential to be one large trading range so we will keep an eye on a possible buyer-failure on the next pullback as price pushes back to the lows of today's range.
E-mini S&P is bullish this evening with a spike & channel and a clear sign of buyer-strength after a bearish-gap over the weekend. Our plan is to use channel-rotation and measured-corrections to look for the best opportunities to get 'LONG' tomorrow. This bullish spike & channel started all the way back at 2021.00 area so the pullback could be very deep, but the buyers definitely have the benefit of the doubt and the sellers need to prove they can hold off the buyers after the next pullback if they are going to get anywhere this week.
Gold is bearish this evening on its way back to the lows from last week so our plan is to look for selling opportunities using channel-rotation, measured-corrections, and the short-term ranges we saw on the way down today.
Euro is bearish with a measured-move down and a possible range this evening which tells us the most reliable trades will be after buyers fail to buy the pullback after channel-rotation higher off today's lows. Price is at the lows of the bear-channel and just below the lows of the possible trading-range from 1.0757 to 1.0704. We want to wait for price to move back to the highs of the bear-channel (rotation) and then we will be back inside the possible range, so waiting for buyer-failure at the range-lows will give us the best opportunity to get short tomorrow. If the sellers fail, we will then look for a test of the range-high at 1.0757.
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