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Notes for Tonight’s Newsletter:
Markets are moving with strong trends this evening; Crude Oil, Gold and Euro are all bullish and trying to re-test their highs while the S&P is bearish in the short-term going into tomorrow's session.
E-mini S&P is bearish after breaking free of the opening-range this morning and with a recent test of the 'double-down' support area we know that sellers will be looking for a 'trap' above previous swing-highs for the most reliable selling opportunities tomorrow. Sellers may try to finish off the triple measured-move at 2055 but the final red candle on the chart looks 'exhaustive' so we will be looking for a correction higher back to overhead resistance where sellers will be waiting for buyers to fail for an opportunity to sell back down to the lows. The low of the trading-range at 2070 would be an ideal location to sell, which would also give the buyers a short-term window if they can hold a pullback and take control of the market in the short-term.
Gold is bullish with a target back at the highs this evening but the buyers need to act quickly because the sellers will be waiting for an opportunity to reverse the trend if they can’t hold the highs tomorrow. The bulls had control for most of the session today and they got a beautiful trap at a prior swing which puts a big target up at 1280.8. We expect one of two things to happen at the highs; if the buyers can break and hold above the high then we will be looking for a move up to the high of a hidden channel and possibly a measured-move target, however, we can also assume that buyers will take profit at the highs and the sellers will try to reverse the trend. The high is very likely to be reached, but where we go from there is still a variable we need to wait to see when we get there.
Euro is bullish with a strong channel this evening which tells us to look for buying opportunities at prior support levels going back to re-test the highs tomorrow. The bull channel is a dead give-away that buyers will be interested in this market and they will be looking for a '2-legged correction' back to prior support levels for the most reliable trading opportunities. The measured-move will be an easy level of support below us that will allow the buyers to get 'long' at a cheaper price with the potential for a 'triple-up' target overhead.
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