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Notes for Tonight’s Newsletter:
Crude Oil is bearish with a spike & channel and bearish-wedge this evening which tells us to look for selling opportunities after a bullish correction higher off today's lows, and ahead of tomorrow's inventory report. The bears are clearly in control at this time, and the completion of this wedge tells us to stay patient for the buyers to push this higher and then look for the pullbacks to fail for the best selling opportunities ahead of the 10:30am EST Inventory News tomorrow morning, at which time all bets are off and we wait for proof of who takes control from there.
E-mini S&P is trading higher after a successful breakout pullback of the bullish triangle which tells us the bulls have short term control back to range-highs going into tomorrow's session. The bulls are trying to regain the losses from Monday's session (worst start since 1999). Bulls will look for buying opportunities at support levels to test the highs at 2017.00 and a measured-move at 2021.00. Keep in mind, if we can make a new high we will watch closely to see if they can hold the range-highs around 2017.00 before we keep buying, and if the bulls fail at the highs the bears will be looking to send this back to range-lows at 1993.00 and possibly 1983.00 tomorrow.
Gold is trading sideways inside a bullish triangle which tells us to look for opportunities to buy the lows of the range as well as buying the pullback after a successful triangle breakout. If we look 'left' we can see the strong bullish move higher that led into this triangle, telling us to look for buying opportunities. We want to buy the lows of the range, and when the triangle finishes we can look to buy the breakout pullback as long as we have correct signal-candles. Keep in mind, if the bulls fail for any reason we still have the un-filled GAP from last weekend down at 1061.0.
Euro is bearish with a spike & channel which tells us to look for selling opportunities after a bullish correction higher off today's lows. The bears have clear control this evening, but three pushes down and a break higher tells us the bears are taking their profit and the bulls will have a chance to push it higher. Sellers will be looking to get short on failed pullbacks for the buyers, with a target back at the lows and beyond.
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