5 Trades for Friday | Crude Oil, Gold, E-mini & Euro Futures 07/14/16

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“Perfection is achieved, not
when there is nothing more to add, but when there is nothing left to take
away.” -Antoine de Saint-Exupery

Notes for Tonight’s Newsletter:

We
have some great
opportunities going into Friday’s
session with some big news on the schedule tonight and another big day
ahead of us tomorrow; Crude Oil is range-bound, Emini S&P is bearish, Gold is
bullish and the Euro still looks a little confused after a rollercoaster
ride it went on today.

Crude
Oil is trading inside a range with a slight bullish bias this evening; Although we can see
the bulls appear to have the edge over the bears, the double-tops and
double-bottoms tell us the range will be the most important factoring going
into tomorrow’s session.  The range tells
us to look for rotation off the highs back to the lows but we can also see the
bulls missed the measured-move by only a few ticks which tells us they may give
it another shot to finish the job to 45.85 before we get the move back to the
lows.  Buyers have the edge and will be
looking for a strong breakout-pullback at the highs above the measured-move or
seller-failure at the range-low.  Sellers
need to be careful and will be looking for buyer-failure at the highs or a
strong breakout-pullback at the lows but we assume there will be plenty of
buyers waiting to buy the range lows so the break-down will need to be strong.

E-mini
S&P is bearish in the short-term as it pulls back inside a bull spike &
wedge this evening; The bulls started the session with a strong spike higher
today and then proceeded to buy only on traps below the previous swings which
tells us that buyers aren’t confident yet in buying high and they are looking
for a cheaper price as it goes lower. 
Buyers will be looking for traps at the lows, seller-failures at the
moving-average and will wait for proof of a strong breakout pullback before
they buy the next move higher.  Sellers
will be looking to fade all the moves higher until the buyers can hold a
pullback and they will also be looking for a breakout pullback below the wedge
support at 2148 for a move back to the lows.

Gold
is bullish as it pushes into the correction zone from a bear spike & wedge
this evening; The bears started the session with a stong move lower today
that went all the way to the triple-down target before they took profit and let
the bulls take it higher with another strong move going back into the base of
the wedge which we call the correction zone. 
The strength of this move higher tells us that buyers are in control and
will be looking for opportunities to buy the pullbacks on the way to the
measured-move target overhead and possibly up to re-test the highs at 1348.0.  Buyers will be looking for pullbacks to the
moving-average, seller-failures below the moving-average, and breakout-pullbacks
above the measured-move on the way back to the highs.  Sellers have plenty of room back to the lows
if they just wait patiently for the best opportunities.  Aggressive sellers can look for a
measured-move double-top reversal for the first opportunity or can wait for a
lower-low and hold a pullback under the moving-average for the most reliable
selling opportunity back to the low.

Euro
is consolidated and trying to find direction after a rollercoaster ride of a
session today; The session started with the BOE Announcement sending prices
higher before collapsing right back to where the move started in what appears
to be forming a head & shoulders pattern going into tomorrow’s
session.  We have to give the bears the
slight edge right now because they barely held the last pullback and the buyers
haven’t shown us any proof yet that they can take it higher.  Sellers will need to get a strong
breakout-pullback below the rising support trend-line with a target back at the
low but they need to beware selling into the lows because most bearing head
& shoulders patterns are just buying opportunities on seller-failures just
below the lows.  Buyers need to show us
they want to take control with a successful breakout-pullback for a move back
to the highs and measured-move target overhead.