This ‘Slingshot’ Breakout Could Make Your Entire Week!
This is Why I Love Being a Trader!
Why? Because today’s choppy price-action put us in a great position for big breakouts tomorrow.
Emini, Nasdaq and Crude Oil all have beautiful setups ahead of Jerome Powell – just promise me you won’t miss this “slingshot” setup!!
Emini is bullish into a range – sellers just failed to hold the lows, which left the door WIDE OPEN for a slingshot breakout!
Crude Oil is the same – sellers failed to hold today’s range breakout, and all we need is ONE MORE TRY from the bears and we’re off to the races!!
Nasdaq’s the “odd ball” tonight – something doesn’t smell right on this chart, which usually means a MONSTER move is coming soon!
E-Mini S&P (ES):
Bullish into a range with buyers trying to complete a pendulum-swing rotation higher.
The Emini is bullish going into key earnings this afternoon, with buyers trying to complete a breakout going higher.
Buyers have control of momentum and will be looking for breakouts thru the highs, along with seller failures down around the lows.
Sellers have to be careful right now, especially trying to sell off the highs. Best to wait for proof of a 123-Reversal and then sell the first pullback going back to last week’s close at 4389.
Keys to Success:
- Bullish rotation off range lows
- Buyers want breakouts thru the highs, or bear traps off the lows
- Sellers want a crown reversal off highs, or a 123-Reversal going lower.
- Breakouts are wide open for buyers, but not easy for sellers.
E-Mini Nasdaq (NQ):
Bear Spike and channel says sell the pops, but buyers appear to be gearing up for a move higher.
Bears have control with a spike and channel pattern on the Nasdaq this evening, suggesting that sellers will be looking for entries up above the channel, along with strong breakout through the lows.
Buyers will be looking for a double-bottom reversal off today’s low, or a 123-Reversal pattern going higher.
Keys to Success:
- Bearish spike and channel, but sellers looked weak all day
- Buyers want a reversal off major lows, or a breakout higher
- Sellers want a breakout lower, or short off spike and channel zone
- Breakouts are easy for buyers, sellers need to avoid chasing into major support waiting below.
Crude Oil Futures (CL):
Bulls looking to finish the pendulum-swing rotation back to last week’s close!
Crude Oil may be bearish overall, but we have plenty of bullish momentum after sellers failed to hold their breakout this morning and buyers quickly took advantage.
Buyers will be looking for entries going higher to complete this pendulum-swing, along with a double-bottom reversal off the major lows.
Sellers have a tough job right now. They can’t do much trying to sell off range highs (because of momentum) and they don’t have much room to work with going lower before they retest today’s low.
Keys to Success:
- Bullish rotation from below today’s range
- Buyers want a double-bottom reversal off today’s low, or a breakout to new highs.
- Sellers want buyers try again and fail, or a strong breakout lower.
- Bull breakout looks easy, not so much for the sellers without a strong move down.
