“If someone is going down the wrong road, he doesn’t need motivation to speed him up... he needs education to turn him around.”
Notes for Tonight’s Newsletter:
Crude Oil is trading at the lows of a short-term range and a bull-channel this evening which tells us to expect range and channel 'rotation' back higher on Wednesday, so we are looking for buying opportunities. If prices push higher we will be looking for 'pullbacks' and seller-failure opportunities up to the range-high and channel-high. if price goes lower we will watch for seller-failure to buy it back up again, making sure to trade AROUND the news from 10:15-10:45am EST.
E-mini S&P is bullish above the 'Holiday High' which tells us we are bullish but the buyers MUST hold the next deep pullback if they are going to keep this momentum going forward. The break above 2098.25 tested the 2100.00 'round-number' which is a big clue that this may be a fake-out before re-visiting the lows, so wise traders will be waiting for proof before they buy the next DEEP pullback at support levels below.
Gold is looking quite bullish after the bulls showed strength after a measured-correction off the highs which lined-up perfectly at the lows of the bull-channel which tells us to look for buying opportunities as long as we see PROOF tomorrow...because we haven’t forgotten about the little 'mistake' that occurred earlier this week which still leaves the door wide open for a collapse back to range-low at 1053.00
Euro is bullish and 'rotating' higher off a bull-channel-low this evening so our plan is to look for pullbacks at support and counter-trend traps to achieve the target up at channel-high. We have measured-moves for targets overhead and a reminder the best trades will come after deep pullbacks off the highs.
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