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Notes for Tonight’s Newsletter:
We're back to the action after the Labor Day Weekend and our favorite markets didn’t waste any time revving the engine for the Fall Trading Season which is always the best time of year to be a trader. All four of our markets are bullish this evening in reaction to last week's Non-Farm Payroll report and with some big moves in today's session we are expecting another big day tomorrow as well.
Crude Oil is bullish and trying to re-test the highs from the beginning of today's session, but overhead resistance is standing in the way; The bulls have control and will be looking for buying opportunities at the low of the channel tomorrow or they need to get a strong breakout higher to give them the confidence to buy into the resistance levels overhead with a target up up 45.62. Sellers have two choices this evening; they can fade the highs by trying to sell 45.00 and hope for the reversal, or they can wait for the buyers to fail at the lows of the channel and look for selling opportunities back down to the lows.
E-mini S&P is bullish and trying to finish rotation back to the highs of a bull channel this evening; The bulls have control and will be looking for buying opportunities on the next pullback to the moving-average with the ideal set-up being a bear-trap down at the 2180 area where we have an un-filled gap. Sellers need to see a strong breakout below the battle-zone @ 78.00 and then hold a pullback before the sellers will pile on down to the 2173.0 lows from earlier today.
Gold is bullish and trying to finish the 'double-up' target from last Friday's Non-Farm Payroll Report; The bulls have control after a parabolic move higher this morning and buyers will be looking for a deep pullback to support or seller-failure at the highs for an aggressive move up to the target at 1360.9. Sellers have zero proof right now, and any pullback off the highs will be seen as a buying opportunity so the bears need to wait patiently for a strong move lower and then hold a pullback for a move back to the battle zone at 43.0 and then we can go from there.
Euro is bullish and trading at the highs of a spike & channel this evening; Buyers have control but we're trading into resistance which means the most reliable buying opportunities will come back at the lows of the channel, inside the 'correction zone' or after a strong breakout-pullback to new highs tomorrow. Sellers can try and call a reversal off the highs but that is low-probability, they would be best waiting for a break-down below the correction zone for a move back to the battle-zone at 12065 tomorrow.
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