Wednesday, March 30, 2016

Watch for the correction | Crude Oil, Gold, E-mini & Euro Futures 03/30/16

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Notes for Tonight’s Newsletter:
Markets continue to see increased volatility this week as the month of march comes to an end, Janet put the next rate increase off until June, and Friday's Jobs report is expected to be another strong showing for the US economy on Friday morning.

Crude Oil is bearish with a spike & channel this evening which tells us the most reliable trades will come after a correction back to resistance levels overhead.  The spike & channel tells us to sell the highs of the channel for the first two tests and then look for a correction back to the resistance zone above the channel for a final opportunity back down again.  We have the Inventory News candle up at 39.17 which will be the last place to look for a bullish correction and a 'triple down' support level for a short-term target with plenty of prior swings down around 37.00 if this market sells off tomorrow.

E-mini S&P is bearish after two days of aggressive buying and we see a new bear channel which tells us to expect rotation back to the low of day.  The spike & channel at the beginning of the day is failing which tells us there is a bulls-eye back at today's lows.  The bear-minor channel has recently broken and the buyers failed to hold the pullback which tells us the sellers are gunning for 51.50, and the new bear-major channel is rotating off the highs with a target back at channel lows.

Gold is bearish with a strong move lower today, but with two legs down we will be looking for a short-term correction higher for the most reliable trades tomorrow.  The bull-major channel is quite obvious on the chart and tells us to sell the highs and take profit at the lows using 'channel rotation' however the bear-micro channel coming off the highs already has two legs down which tells us the most reliable trades will be after a bullish correction possibly back to the trading-range overhead before we finish the move lower.

Euro is bullish after testing key support this evening but there is a recent bear channel trying to drag this price lower so the buyers need to act fast before this market collapses back to the lows.  We can see two possible channels on the chart this evening with the most recent channel trying to drag this price back to the lows.  Over the last few hours the buyers tried to hold at the highs and they failed, and they are getting one more chance to take control but they better hold this pullback or this market is going back to the lows from earlier today.

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