Thursday, April 14, 2016

4 Targets for Friday | Crude Oil, Gold, E-mini & Euro Futures 04/14/16

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Notes for Tonight’s Newsletter:
Markets are trading on low volume and range-bound this evening before some big Chinese news later tonight and the end of a volatile week draws to a close just before taxes are due next Monday.

Crude Oil is range-bound and continues to rotate inside the trading range this evening which means we will continue looking to buy the lows, sell the highs, focus on failures and use the '2 try rule'.  Buyers want to see sellers fail at range-lows and support levels, while the sellers want to see the buyers fail at range highs and resistance levels overhead.

E-mini S&P is bullish with a spike & channel this evening but we have a recent trading-range that may interrupt the 'rotation' back to the channel highs.  The buyers want to see a trap-low below the channel or a test of the 'correction-zone' for the best entry back higher while the sellers would love to see a trap at the high of the range for a way to sell down to the correction zone.

Gold is bearish with a wedge this evening but its struggling to keep pushing through the measured-move support which tells us we will likely see a trap-high before this market goes lower because sellers don't want to sell this low.  Buyers would love to see a breakout-pullback hold or a '2nd try failure' below the trading range, while the sellers need to wait for the trap at resistance overhead or a STRONG push through the lows that can stay below the range.

Euro is range-bound with a possible bear-bias this evening but it feels 'tired' in the middle of the range so both sides of this market will be waiting to see what happens next.  Buyers want to see the sellers fail at the range-low or support levels below, and sellers want to see buyers fail at the range-high and resistance levels overhead.

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