“Get going. Move forward. Aim High. Plan a takeoff. Don’t just sit on the runway and hope someone will come along and push the airplane. It simply won’t happen. Change your attitude and gain some altitude. Believe me; you’ll love it up here.”
Notes for Tonight’s Newsletter:
Crude Oil is range-bound with a bull-bias after the bears tried twice to leave the range, E-mini S&P is bearish in the medium-term, but after a monster move lower today we may see the buyers get a decent move back to the 'battle zone', Gold is bullish with a spike & channel, and the Euro is bullish and trading at the wedge target this evening and waiting for a pullback.
Crude Oil is range-bound with a bull-bias after the bears tried twice to leave the range, and now the buyers are looking for a rotation back to the highs and possibly a full 'pendulum swing' tomorrow. The most important thing for the buyers is to get in near the lows and avoid buying the high of the range on the way back up again. Sellers, on the other hand, need to stay patient because the bulls looked really strong coming off the lows and the most reliable place to be selling will likely be back at the range highs for a rotation back down to the lows.
E-mini S&P is bearish in the medium-term, but after a monster move lower today we may see the buyers get a decent move back to the 'battle zone' tomorrow before the bears find interest in selling again back down the lows. The higher this price goes, the more bears will become interested, and im sure they have their eyes on the battle zone, wedge, and double-up targets overhead which means the buyers can take this higher as long as that 2100 round number doesnt drag this price back lower again.
Gold is bullish with a spike & channel, which tells us to look for buying opportunities at levels of support with a target going back to the high, or the bulls need a strong breakout-pullback above the triple-up resistance for another leg higher tomorrow. Sellers, on the other hand, need to stay patient because any pullback right now will likely be seen as a buying opportunity. The bears need to get a successful break and hold below the 1281.8 reversal-line before they can start thinking about selling this market tomorrow.
Euro is bullish and trading right at the wedge target this evening which tells the bulls to look for opportunities at previous levels of support, such as the 10555 reversal-line or they need a successful breakout-pullback above the wedge target for a push up to the measured-move waiting overhead. When I see a market that looks this bullish with such a big move in one session I am always looking for a possible range tomorrow, and will be looking to buy the low of the range if we get it.
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