“Move Out of Your Comfort Zone. You Can Only Grow If You Are Willing to Feel Awkward And Uncomfortable When You Try Something New.”
Crude Oil is bearish, but after seeing a perfect example of what we’ve been talking about week on this newsletter, we know that the bears have some waiting to do before they sell more tomorrow.
S&P is bearish (yes, I said bearish), but we have three levels of support telling us that sellers will be a lot more excited about selling this market at the ‘reversal-line’ sitting overhead.
Gold is bearish and trying to finish a move down to last week’s low, but a key support level is standing in the way, so we have two options to consider tomorrow.
Euro is bearish, but we have two major levels of support telling us the most reliable selling-opportunities will come up at resistance levels overhead tomorrow.
FDAX is bullish, but a short-term trading-range tells us to use the '2-Try Rule' for the most reliable buying opportunities tomorrow.
Crude Oil is bearish, but we can clearly see that sellers aren’t committing to sell at these lows, telling us that our best option is to wait for a move back up to resistance or wait for a successful breakout-pullback to new lows tomorrow. Just as we expected today, a strong move lower led to sellers taking profit, a big correction, and a move back to re-test the low. Now that we’re back to the lows, now we wait for more information. Sellers will be looking above 52.88 and 53.14 tomorrow to ‘sell high’, and if prices collapse lower, they will be looking for the fake-out breakout pullback below the quadruple-down for a measured-move target.
E-Mini S&P is bearish and trading at the triple-down, the low of the channel, and just a few points above the measured-move. The big challenge right now is the lack of open space below us before we reach the measured-move. The bears have control, but they will be a lot more excited to sell this market when they have a decent target available, so we’re looking at the high of the channel and the ‘battle zone’ overhead for a possible test of the prior month high tomorrow.
Gold is bearish and trying to finish a measured-move target tomorrow, but this rising support trend-line is standing in the way. The bears have control, but they need to wait for an area of resistance where they have enough open space for a decent target. Sellers will be looking for opportunities up above the high of the channel, or with a breakout-pullback below this rising support trend-line tomorrow.
Euro is bearish and trading at the low of a channel this evening, which tells the sellers to stay patient and look for selling-opportunities at the high of the channel tomorrow. The bears have control, but we don’t want to sell these lows, so its best to look for a level of resistance overhead with plenty of open space for a target below.
FDAX is bullish and trading sideways just a few points below yesterday’s high. The buyers have control, but it’s clear that nobody wants to buy these highs, so our plan will continue to be looking for seller-failures with the '2-Try Rule' as this market pulls-back, and with this falling resistance trend-line we can also look for a breakout-pullback above the trend-line for a target going back to the highs.
Learn the Strategy & Join the Trade Room; Click here to register for the Free Trial