“Every time you stay out late; every time you sleep in; every time you miss a workout; every time you don’t give 100% – You make it that much easier for me to beat you.”
Notes for Tonight’s Newsletter:
Markets are getting back into their rhythm this week after being shaken-up by the 'Brexit' vote and we have some excellent opportunities going into tomorrow's session; Crude Oil and S&P are bullish at the highs of their ranges while the Gold and Euro are still a little chopped-up and bearish in the short-term tomorrow.
Crude Oil is bullish and trading at the highs of the channel and completed measured-move target this evening; The buyers had control for the entire session today starting with a bull spike & channel that pulled-back into the correction zone at 47.00 before running back to re-test the highs to finish the session. The bulls completed their objective by reaching the high of the major bull channel and the measured-move and anytime the market achieves an objective we expect to see profit-taking and counter-trend traders enter the market in the opposite direction. Based on the strength of this bull market we know the most reliable buying opportunities will come after a 2-legged-correction back to support levels below for another leg higher. Sellers will need to be patient until they can make a new lower-low and hold a pullback before trying to sell this market tomorrow and their target will be back to channel lows.
E-mini S&P is bullish and trading at the highs of the channel after the buyers completed their double-up target at the end of today's session; The day started with a bull spike & wedge which, like clockwork, gave the patient buyers a perfect opportunity to 'buy low' after a 2-legged-correction off the highs before running right back to re-test the highs to finish the session. As we finish the session it appears the bulls are at the same game once again with another bull spike & wedge which we expect will attempt the same 2-legged-correction back to support levels before re-testing the high and possibly complete the larger measured-move targets overhead. The bears need to be careful because even if they get a new lower-low and can hold a pullback they will likely find themselves back at the correction zone and channel low tomorrow where we expect the bulls to be waiting.
Gold is bearish and trying to re-test the low after a beautiful 'trap high' was followed by bullish failure at falling resistance this evening; The day started with clear bearish strength this morning and gave the sellers a picture-perfect 'trap high' above 1322 which should have been an easy move back to re-test the lows but we can see the bulls tried to spoil the fun and tried to buy it on the pullback but are clearly struggling to break the resistance trend-line overhead which is giving the bears the window they need to finish the job back to the lows. Sellers will be looking for a breakout-pullback below the 1312.7 support or another trap-high above the 1319.3 swing-high above them. The buyers need to see a successful breakout-pullback above the resistance trend-line with a target up at 1322.8 and 1329.5 tomorrow.
Euro is bearish and trying to re-test the lows after completely negating the most recent move from the buyers; The day started with a bull spike & channel which not only gave a 'break and re-test' but also a test of the correction zone before price launched higher. Normally such a strong bullish move would be a clear sign of a buying opportunity on the next pullback however the response from the bears was even stronger which tells us that the sellers are using their own spike & channel and trying to make a run back to the lows once again tomorrow. Sellers will be looking for the buyers to try and fail at the moving-average while the bulls need to see this pullback hold before they can be confident in another leg higher in the short-term tomorrow.
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