August 26, 2014
- in Uncategorized by schooloftrade
6 Trades for Tuesday | SchoolOfTrade Newsletter 08/25/14
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“Opportunity is where you find it; it doesn’t find you.” – Joseph James
Notes for Tonight’s Newsletter:
Misc:
· Last week of August, last week of Summer trading begins ahead of the Labor Day Holiday weekend in the US
· Trading volume 20% below 3-month averages
· More bad news from Europe = Euro Lower
· Bullish news in the US = dollar-index moves higher
· Fear-mongering (Middle East) continues over the weekend… and Gold goes lower???
· E-mini S&P hits 2,000 for the first time, while Mini-Russell keeps trying to play catch-up!
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· Long-Term Direction Bias = SHORT
· Short-Term Directional Bias = SHORT / NEUTRAL
· Fundamentals: Violence &Fear appear to be contained in the Middle East, which is adding downward pressure to Gold futures.
· Daily Chart: below the key moving-averages, but still in the middle of the trading-range on the daily chart. Next target will be 1265.8 as price-action pushes lower.
· 32-Anchor Chart: lower-lows from last week have been replaced with a range-bound market with higher-lows and lower-highs, telling us traders are waiting on something before we continue to the buy-zone down at 1265.0. We will continue to look for the next retracement to a sell-zone for selling opportunities on our way to the targets below.
· 16-Anchor Chart: trading sideways with higher-lows and lower-highs which tell us this market-personality has stalled to the downside. Trend is still bearish, so we look for selling opportunities at resistance levels overhead, or with new lower-lows below 1273.4
· Profit-targets below @ 1268.7, 1265.0, 1264.5, 1260.8, 1254.4
Crude Oil:
· Long-Term Direction Bias = SHORT
· Short-Term Directional Bias = SHORT / NEUTRAL
· Fundamentals: Europe is struggling, which is pushing the Euro lower, and the Dollar-index higher. A strong dollar means lower prices on ALL commodities, especially for Crude Oil futures. This pressure is pushing Crude Oil Futures lower even as violence lingers in the Middle East.
· Daily Chart: price-action is struggling to push below the $93.00 level with support levels below at 92.15 and $90.00.
· 32-Anchor Chart: Lower-lows and lower-highs tell us the trend is bearish, so we are looking for selling opportunities at resistance zones overhead.
· 16-Anchor Chart: price-action trading sideways, with lower-highs and higher-lows as we consolidate around $93.50. Bearish long-term-trend still tells us to sell at resistance levels overhead, but we clearly need to stay patient.
· Profit-targets below @ 92.15, 91.51, 90.72, 90.72, 89.70
Mini-Russell:
· Long-Term Direction Bias = LONG
· Short-Term Directional Bias = LONG
· Fundamentals: Bad news in Europe pushes the Dollar-index higher, and a strong dollar means cheap equities in-comparison so buying is easy. Also, the US equities are the ONLY game in town for long-term investors who don’t want to risk Asia or Europe.
· Daily Chart: grinding higher, slowly, in the middle of the daily trading-range, and next resistance level overhead is 1169.7.
· 32-Anchor Chart: higher-highs and higher-lows tell us to stay patient to buy pullbacks to support levels below us. We noticed a possible short-term price channel (yellow) which we will use for buying opportunities on the next pullback.
· 16-Anchor Chart: higher-highs and higher-lows tell us to buy this recent pullback to the lows of the short-term price channel.
· Profit-targets above @ highs of the price channel, 1168.0, 1170.5, 1175.3, 1177.8, 1178.8, 1183.0
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