Tuesday, October 3, 2017

Rising Support Trend-line Strategy | Crude Oil, Emini, Nasdaq, Gold & Euro



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Crude Oil is bearish with a Spike & Range, so we’re looking for selling-opportunities on the way down to range-lows, and vice versa going back up to range-highs.

S&P is bullish as it continues its “grind” to new all-time highs, so our plan is to look for a ‘2-legged pullback’ down into the ‘battle zone’ tomorrow.

Nasdaq is bullish with a wide, almost flat channel, which tells us that both sides are making money in this market, and we need to focus on the “deep dips” on Wednesday.

Gold is bearish with a Spike & Channel, and we have a rising support trend-line telling us the two most reliable trading opportunities tomorrow.

Euro is bullish after the bears got rejected below prior month lows, and this Spike & Channel is giving us a perfect ‘battle zone’ to use for buying opportunities tomorrow.


Crude Oil Trading Strategy
Crude Oil is bearish with a Spike & Range ahead of tomorrow’s weekly inventory report, which tells us to look for selling-opportunities on the way down to the range low, then look for buying opportunities going back up to range-high.

Also, keep an eye on the rising support trend-line from this short-term bull channel, that can be used as resistance tomorrow if we push lower.

The big variable for tomorrow is the inventory report at 10:30am EST, which tells us that ANYTHING is possible, so we’re bearish for now, but we’re keeping our eyes open for buying opportunities if we get the reversal off the lows tomorrow.

Crude Oil Inventory S/R Levels for Wednesday:
50.85, 50.66, 50.47, 50.28, 50.09, 49.90

E-Mini S&P Trading Strategy
E-Mini S&P is bullish and continues its “perma-bull” run to new all-time highs without much more than small “traps” along the way.

I would LOVE to see a deep pullback into the ‘battle zone’ tomorrow, but as I mentioned in last night's newsletter, if we continue to see this price-action grind higher, our best option is to look for short-term “Traps” and buy with a target back to the high, and that continues to be our plan for tomorrow.


E-Mini Nasdaq Trading Strategy
E-Mini Nasdaq is bullish and trading in the middle of a wide, almost flat channel, which tells us to stay patient for the deep pullbacks down in the ‘battle zone’ tomorrow.

We spoke about this in last night's newsletter, whenever the channel is flat like this, we know that both sides of the market can participate, so it’s vital that we focus on buying as low as possible tomorrow.

My focus is to look for buying opportunities down at these rising support trend-lines because they will help me focus on buying as low as possible.

Gold Trading Strategy
Gold is bearish and trying to complete rotation back down to the low of this Spike & Channel with a measured-move target waiting below.

The only obstacle we have at this point is getting below this support trend-line, or waiting for buyer-failures up around the prior month low to avoid selling into this support level.

Euro Trading Strategy
Euro is bullish with a Spike & Channel as buyers try to rotate back up to fill the weekend GAP near the high of the range tomorrow.

The sellers dipped their toes in the water below the prior week low and we can see they were immediately rejected, which tells us to expect rotation back to the highs of last week’s range.


The Spike & Channel tells us to look for deep pullbacks into the ‘battle zone’, using the '2-Try Rule' to watch for seller-failure and buying opportunities going up to the measured-move target overhead.

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