Tuesday, August 16, 2016

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

“We don't rise to the level of our expectations, we fall to the level of our training.”
Notes for Tonight’s Newsletter:
Crude Oil and the Euro are bullish while Gold and S&P are bearish going into Wednesday's trading session.

Crude Oil is bullish and trading at the highs of a bull channel this evening which tells the buyers to stay patient and look for opportunities using short-term corrections off the highs tomorrow.  Buyers have control and will be looking for seller-failures below the moving-average and pullback trades above the moving-average as long as they aren’t buying into the resistance targets overhead.  Sellers don’t have much room at this point, with the correction zone and the low of the channel acting as support below they will need to get and stay below the 45.84 triangle support if they want to take control of this market long-term.

E-mini S&P is bearish and trading at the double-down support which means it’s too cheap to sell without a strong breakdown-pullback, so the most reliable opportunity will be a buyer-failure after a test of the resistance levels overhead.  Sellers have control and will be looking for failures at the many resistance levels overhead or they need to see a strong push through this 2176.00 support on the way down to the measured-move target waiting below.  Buyers have a lot of work to do if they want to take control of this market.  We can assume sellers will be waiting at resistance levels overhead so we need to see a strong breakout higher and then hold above the 2182.00 area for a target up at the highs from earlier today.

Gold is bearish and trying to re-test the lows after a wild ride sent prices back and forth with two spike & channels today.  Buyers technically have control at this time but the bearish spike & channel correction zone recently held so all the sellers need is to hold the next pullback and they should see price move back to the lows easily.  Sellers will be looking for pullbacks to the moving-average or buyer-failure at the resistance trend-lines overhead.  Buyers will need to show a strong breakout-pullback above the resistance trend-line coming off the highs with a target back to the high at 64.3.

Euro is bullish and trying to break out of a triangle with a target back to today's high.  The bulls have control and will be looking for a successful breakout-pullback above the highs of the triangle or seller-failures at previous swing levels waiting below.  Sellers don’t have much room to work with here because we assume buyers are waiting to buy into the battle zone and correction zone if this price pulls back.  The best option for the sellers will be a failed breakout-pullback for the buyers which should give them enough room to sell high and not have to worry about the support levels waiting below.

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