Monday, August 29, 2016

6 Trades for Tuesday | Crude Oil, Gold, E-mini & Euro Futures 08/29/16

NOTICE:  This will be the only newsletter for me this week, and will resume after the Labor Day Holiday weekend on Tuesday evening September 6th @ 8:00am EST.  Our office will be open and our Live Trade Room will be open for the rest of the week.  Enjoy the Holiday!

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Notes for Tonight’s Newsletter:
We only have a few more days in the month of August which means we expect more volatility and more trading opportunities as traders try to finish the month in the green.  Crude Oil is bearish while the S&P, Gold and Euro are bullish going into Tuesday's trading session, which is certain to be another great opportunity for traders who know how to follow the plan.

Crude Oil is bearish and trying to re-test the lows of the range this evening; The bears have control but the recent strong move higher, combined with the rising support trend-line is certainly going to give the sellers trouble and the buyers the window of opportunity they need to fill that weekend-gap up at 47.29.  Sellers are looking for a breakout-pullback below 46.89 to trigger the buyers' stops and make a run back to the lows tomorrow while the buyers are looking for a second try off the lows to prove they have enough juice to fill the gap and try to re-test the 47.75 from last Friday's collapse.

E-mini S&P is bullish and trying to re-test the highs of a spike & channel this evening; The bulls have control and will be looking for a breakout-pullback above the falling resistance trend-line but with such a strong move higher today they may pull back further into the correction zone down around 2176.00 to get more buyers into this move and then look for a move back to the highs from there.  Sellers have a tough job right now because any pull back off the highs will likely be seen as a buying opportunity until we can break down below the battle zone at 2171.25 tomorrow so the bears need to stay patient. 

Gold is bullish and trying to complete the double-up target this evening; The bulls have control after a choppy session and with the recent 'trap low' we know that buyers will be looking for a breakout-pullback to new highs or an even more desirable pullback to the lows of a pending bull channel down near the battle zone at 1323.0.  Sellers need to see a strong move lower if they want to get the buyers off their back and grab a breakout-pullback down to the battle zone and then another strong move through the battle zone down to the low of day at 1317.2 tomorrow.

Euro is bullish and trying to re-test today's high; The bulls have control after a strong push higher and will be looking to buy pullbacks using the support trend-line and the moving-average as long as they aren’t buying into the double-up resistance level just overhead, but that may open the door for the sellers if they can get and stay below the support trend-line for a breakout-pullback of their own with a target back to the lows to finish the measured-move they missed earlier in today's session.

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