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Notes for Tonight’s Newsletter:
Crude Oil is bearish and rotating lower off the highs of a bear channel on the way to completing the measured-move which tells us to keep selling but today's closing price is right at the lows so we will be looking for a bull-trap at the high for the most reliable selling opportunity. We can see the bear channel and the sellers will be shooting for the lows along with completing the measured-move but this little range at the end of the day just broke to the LOWS which almost always fail so we will look for the buyers to send it higher and then selling into their failure tomorrow.
E-mini S&P is bearish with a short-term correction up off today's low which means sellers are waiting for this pullback to fail and the buyers need to hold this pullback if they want to take control tomorrow. The bears had control for the majority of the session today until they finished the measured-move and took their profit. Now the buyers need to take control by holding this pullback, and if they fail the sellers will send this back to the lows once again. If the buyers hold this pullback we will look for a measured-move higher tomorrow.
Gold is bearish and range-bound this evening and our plan is to look for rotation down to the lows of the range and bear channel this evening with a measured-move target waiting below. Today's price-action was very sloppy but with the sellers clearly responding to the highs of the new bear channel we have to give them the bias this evening and with the buyers unable to finish the rotation back to the range highs (1093.4) we will look for the buyers to try once more for the 2-try-rule and if they fail we can then get aggressive on the way down to the measured-move target at 1080.0.
Euro is bullish but we recently completed a measured-move which tells us to look for seller-failures before buying more tomorrow. We can see the bull channel and we are at the lows of the channel. We can see the completed measured-move which SHOULD have sellers entering the market and trying to push price lower, so wise buyers will be looking for a break lower and then seller-failure to buy it back to the highs. The bears need to see a break lower and then hold the next pullback if they want to take control and send price back to the low from today.
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