Thursday, June 9, 2016

Contract Rollover Friday Strategy | Crude Oil, Gold, E-mini & Euro Futures 06/09/16

“Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.”

Notes for Tonight’s Newsletter:
We have another big day ahead of us on Friday with some very important clues coming early in the overnight session; Crude Oil and Euro are bearish while Gold and the S&P are bullish as we head into ‘Rollover-Friday.’

Crude Oil is bearish and trading inside a triangle this evening which tells the sellers to look for traps at the highs and targets back at the lows as price retreats back to the $50 round number tomorrow.

E-mini S&P is bullish and trying to finish a measured-move back to today's high and we have a wedge on the chart which tells the buyers to look for traps below recent swings for the most reliable buying opportunities tomorrow.

Gold is bullish with a spike & channel this evening but a completed measured-move and a test of the major channel high tells buyers that this price is too expensive to buy here and to wait for a correction for the most reliable opportunities tomorrow.

Euro is bearish and trying desperately to finish the measured-move target this evening with two tries from the sellers which tells the buyers to be looking for a failure and a deep correction higher if the buyers can’t finish the job when the market re-opens in Asia.

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