“A Clear Vision, Backed by Definite Plans, Gives You a Tremendous Feeling Of Confidence And Personal Power.”
Crude Oil is bearish, but we have a key level of support, and plenty of clues in the candlesticks that tell us to beware chasing this move lower, and watch for traps tomorrow.
S&P is bullish after another strong run higher today, but we’re seeing clues that this market is likely running on exhaustion, so we will be looking for a correction tomorrow.
Gold is bullish, but one significant chart pattern is telling us to stay patient and wait for the deep pullback for the next round of buying opportunities tomorrow.
Euro is bullish, but the buyers need to be careful because there is a key level of resistance waiting overhead that we don’t want to get caught buying into tomorrow.
FDAX looks bullish in the short-term, but the bulls need to be careful because there’s one big clue on the chart that tells us this may be nothing more than a trap.
Crude Oil is bearish and trying to break through this rising support trend-line on the way to finishing the measured-move tomorrow. The bears did a great job today, selling every time the market tried to push higher. The only objective right now is to get and stay below this trend-line, which tells us to beware selling too low tomorrow and look for ways to use that trend-line as resistance for traps and failures as the sellers hunt for the measured-move target.
E-Mini S&P is bullish and trading near the high of a channel this evening, which tells us to stay patient and wait for rotation back to the lows and look for buying opportunities at support levels waiting below. Keep in mind, if we pull back below the measured-move, we don’t want to buy directly into that resistance, so look for opportunities to include levels of support without buying into the measured-move. Furthermore, if price keeps pushing higher, keep an eye on the next measured-move up around 58.0.
Gold is bullish and trading with a wedge, on the way up to a measured-move this evening. I love wedges because they tell me when I can trade inside the wedge, when to expect a deep pullback, and most importantly, where the market is trying to go in the future. Right now the wedge is getting quite narrow, which tells me that buyers are going to wait for a deep pullback for the most reliable buying opportunities tomorrow with a target up at the vertex waiting overhead.
Euro is bullish and trading at two levels of resistance this evening, which tells us to look for a breakout-pullback to new highs, or wait for traps and failures in the ‘battle zone’ waiting below. One thing’s for sure, the bulls would rather see this market pull back to allow them to buy low then try and find an entry ahead of the measured-move target waiting overhead.
FDAX is bearish, but the bulls are trying to take control after it appears the sellers went too far, too fast earlier in today’s session. The bears took control at the beginning of the US session this morning, but they pulled-up out of a nose-dive just a few inches away from last week’s high. Now it appears the short-covering-rally is trying to turn into a full trend-reversal, and all the buyers need is a successful breakout-pullback above the Double-Up and they can take control and run price up to the measured-move. We have to assume that sellers will be looking for a ‘trap high’ above the Double-Up, or a collapse below the most recent swing-low for a move back down to re-test the low tomorrow.
Learn the Strategy & Join the Trade Room; Click here to register for the Free Trial