“In any situation, the best thing you can do is the right thing; the next best thing you can do is the wrong thing; the worst thing you can do is nothing.” - Theodore Roosevelt
Notes for Tonight’s Newsletter:
We certainly got some life back into these markets today with some big moves across the board today; Crude Oil and the E-mini S&P are bullish while the Gold and Euro are pinned to their lows as we go into Wednesday's session.
E-mini S&P is bullish after a strong breakout of yesterday’s range and the spike & channel tells the buyers to look for 'traps' at prior support levels with a target back to the highs tomorrow. The bulls had control for the entire session today with an incredibly strong push higher which eventually flattened out into a spike & channel. The spike & channel tells us to look for buying opportunities at prior levels of support for the most reliable trading opportunities tomorrow. Sellers need to be careful tomorrow because we can assume that the 'swing buyers' will be sitting below each support level, looking to catch the move back to the highs.
Gold is bearish with a strong move lower this evening and we know that the 'swing sellers' will be looking for trades around prior swings to finish the measured-move and double-down targets below. The bears had control for the entire session today with only one pullback to the moving-average but they barely missed the measured-move target which tells us they will most likely look to finish the job before we get a correction off the lows. This strong trend tells us that 'swing sellers' will be waiting with limit-orders above all the previous swing-highs with a target back at the lows tomorrow.
Euro is bearish with a spike & wedge which tells the sellers to look for the most reliable opportunities back at prior resistance levels overhead with a target back down at the measured-move and double-down targets below. The bears had control of this market for the entire session today, but unlike Gold we can see a LOT more 2-sided trading today which tells us not to be surprised if we get a larger correction higher before this market comes back to the lows tomorrow. We have a spike & wedge which may end up widening out into a channel, both of them telling us that sellers will be looking for opportunities back at prior resistance levels overhead with easy targets at the measured-move and double-down level below.
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