Tuesday, December 8, 2015

4 Trading Ranges for Wednesday| Crude Oil, Gold, E-mini & Euro Futures 12/08/15

“The major reason for setting a goal is for what it makes of you to accomplish it. What it makes of you will always be the far greater value than what you get.”

Notes for Tonight’s Newsletter:
Crude Oil is range-bound and sideways after a volatile session ended smack in the middle of today's range.  We're expecting the sellers to finish their rotation back to the lows, which means a failure to push lower will be a BIG buying opportunity ahead of inventory news tomorrow.  The sellers took price lower to start the session, but the buyers quickly took back control and sent price higher, only to collapse back to the middle of this $2 range and close the day right on top of Monday’s low price.  We tested the highs so we should see sellers rotate price down to the lows, and we can see they have tried 3 times to send this price lower and they don’t appear to be getting anywhere, telling us a failure to test 36.74 range-lows will send the pendulum swinging higher tomorrow.

E-mini S&P is range-bound and sideways after both sides took turns today, which gives us a clear plan for tomorrow...buying lows, selling highs using failure patterns and the '2-try-rule'.  We have most recently tested the range-high, so we expect to see the sellers try to rotate back to test the lows.  If the sellers are successful we will then look for a move back up to the highs, but watch for sellers to fail and the pendulum will swing up to make a run at last week's highs around 2092.00 tomorrow.

Gold is range-bound with a possible bull-channel this evening, which is an important clue because the buyers recently broke-out of the range going higher, and this will continue if the sellers can’t re-test the range-lows tomorrow.  We can see buyers and sellers gave us perfect 'rotation' from low to high and high to low, but the buyers took it higher with clear strength, which means the sellers are left to defend this pullback and if they can’t get this price back to re-test the range-low at 1067.8 we will most likely see the buyers run this price up to the range-expansion targets above.

Euro is bullish and rotating higher off the lows of the bull-channel and on the way to completing a 3rd-leg higher in today's session.  We also have a short-term trading-range which will give us some great entry areas to catch sellers on the wrong side of the market.  We recently tested the lows of the bull-channel which gives us a rotation target back up at the highs.  We also tested the highs of the range which means the sellers will likely attempt the rotation back to the range-low at 1.0873.  The bull channel tells us direction, the measured-move (3rd leg higher) tells us targets, and the trading-range makes for an easy opportunity to confirm bullishness if the sellers fail to test the lows at 1.0873.

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