Tuesday, March 29, 2016

4 Pullback Opportunities | Crude Oil, Gold, E-mini & Euro Futures 03/29/16



“One reason so few of us achieves what we truly want is that we never direct our focus; we never concentrate our power. Most people dabble their way through life, never deciding to master anything in particular.”

Notes for Tonight’s Newsletter:
Crude Oil is bullish ahead of inventory news tomorrow and a new bull channel tells us to use 'rotation' for the most reliable trading opportunities.  We have a spike & channel, trading range, bull channel and the API Support level to work with this evening.  The spike & channel sent prices tumbling lower this morning and we know that spike & channels love to correct back to the base of the channel which will make for an excellent target for buyers.  The trading range tells us to look for bear-traps at the lows and to use range-expansion overhead for targets.  The bull channel tells us to expect rotation from low up to high and the best trades will come buying the lows of the channel.  The API report this evening gives us a key support level at 38.21 which will be an excellent place for buyers to get in on this move higher if they get the opportunity.

E-mini S&P is bullish with a completed measured-move and three legs higher today which tells us the most reliable opportunities will come after a 2-legged-correction back to support levels below.  We have a bull channel, 3 legs higher, and a measured-move to work with this evening.  The bull channel tells us to most reliable opportunities will come back at the lows of the channel and we can see an un-filled 'gap' at 35.00 that would be an ideal opportunity for buyers to get into this trend at a much cheaper price.  The measured-move and three legs higher today both tell us this market could be viewed as 'too expensive' and traders will want to see a 2-legged correction back to support levels before they look to buy this market tomorrow.

Gold is bullish with a 'double-overshoot' of the channel highs which tells us that although this price may push higher, the most reliable opportunity will be back at the channel lows tomorrow.  We have a bull channel, measured-move, double-up, and a gap to work with this evening.  The bull channel has a 'double-overshoot' at the highs which will likely be sold by aggressive traders but the conservative traders will be looking for a move back to the lows where they can get into this trend at a lower price.  The Double-up resistance tells us buyers should be taking profit here, however there is a triple measured-move waiting for a target overhead if they don’t.  There is a gap waiting to be filled back at 28.6 which would be the ideal scenario for a 2-legged correction off the highs.

Euro is bullish with a massive overshoot of the channel highs that turned into a spike & channel which tells us exactly where to look for a pullback and the next leg higher tomorrow.  We have a bull channel, spike & channel, and falling resistance on the chart this evening.  The bull channel has a massive overshoot at the highs which tells us this market is too expensive to buy right now, but with such a strong push higher the buyers will likely try to use the channel high as support for another try to re-test the highs.  The spike & channel tells us to look for a correction back to the base of the channel for the next leg higher, and if that fails we know to look for a move back to the beginning of the spike.  The falling resistance is a trend-line that covers a few days and will be used as a target for the next leg higher later in the session tomorrow.


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