Monday, June 6, 2016

4 Traps for Tuesday | Crude Oil, Gold, E-mini & Euro Futures 06/06/16

"The key to success is to focus our conscious mind on things we desire not things we fear”

Notes for Tonight’s Newsletter:
The markets are reacting to last Friday’s dreadful jobs report after Janet Yellen tried to throw cold water on it this afternoon and we have some great opportunities going into Tuesday's session; Crude Oil and S&P are bullish and trading back to their highs while Gold and Euro are range-bound after big moves last Friday.

Crude Oil is bullish and trying to re-test today's highs on the way up to the $50 level this evening but overhead resistance and a recent spike & channel tell us the most reliable buying opportunity will come after a deeper pullback to give the buyers the room they need to get into their positions.

E-mini S&P is bullish this evening and rotation off the highs of the channel which tells the buyers to look for the most reliable opportunities back at channel lows tomorrow and a falling resistance trend-line will be a key piece of the puzzle for the buyers looking to buy this pullback.

Gold is range-bound and trading at the highs of a triangle this evening which tells the sellers to look for rotation back to the lows where the buyers will be waiting to buy the lows on the way back to the highs.

Euro is range-bound with a megaphone this evening which tells us to sell the highs and buy the lows but the most recent push higher was on strength which means we will be watching for a 'trap low' on the way back to re-test the highs.

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