Wednesday, June 1, 2016

6 Trades for Thursday | Crude Oil, Gold, E-mini & Euro Futures 06/01/16

“Do not wait to strike till the iron is hot; but make it hot by striking.” - William B. Sprague

Notes for Tonight’s Newsletter:
We have some great trends to work with tomorrow; Crude, S&P and Euro are bullish while Gold is bearish going into Thursday's trading session.

Crude Oil is bullish and trading inside a range this evening which tells us to look for 'bear traps' at the lows with a target back at the highs.  The bears had control at the beginning of the session today but the bulls took it back shortly after 10am EST with a strong move that turned into a trading-range and the bulls just failed at the highs which tells us to be looking for 'traps' at the lows of the range as well as levels of support in tomorrow's session.  The bulls will be looking for opportunities at the channel low, range lows, and 'battle zone' support areas tomorrow with a target back at the highs.  Sellers will need to be patient to look for the buyers to give up on this below the 'battle zone' for a target back at the lows tomorrow.

E-mini S&P is bullish and trading inside a wedge this evening which tells the buyers to stay patient for 'traps' below prior swings with a target up at the vertex of the wedge.  The bulls took control shortly after 10am EST this morning with a bull channel that has now turned into a wedge and a possible spike & channel on the way to reaching a triple measured-move target.  The measured-move target tells us that most of the bulls will have taken profit at this major resistance level and the wedge tells us that the most reliable trades will be after a trap-low below prior levels of support on the way up to the target around 2102.50 and a possible triple-up target at 2107 tomorrow.

Gold is bearish in the long-term but the buyers are trying to complete a 2-legged correction back to channel highs where we assume the sellers will be waiting to take price back down to the lows again tomorrow.  The bears had control for most of the session today with five small measured-legs down that barely missed the double-down target before the buyers took clear control and are now testing resistance at the highs of a major bear channel.  We can assume that sellers will be looking to scale into this move off the lows with a target back at the lows, but the miss of the target may spook some sellers into waiting for more proof before they commit to this trade lower which gives the buyers a window to complete a measured-move before the sellers jump on this at a higher price tomorrow.

Euro is bullish after a perfect example of 'swing buyers' looking to buy the dips in today's session and a spike & channel on the chart gives us some great opportunities on the way up to a measured-move target tomorrow.  The buyers had control for the entire session today which started with a strong move higher which was then followed by the bulls buying every 'dip' on the way back to re-testing the highs again to finish the session with a spike & channel.  The bulls are clearly in control at this time, but a resistance trend-line overhead tells us that buyers will be patient to buy back at support levels below rather than risk buying the highs with a target up at the measured-move tomorrow.

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