This ‘Slingshot’ Breakout Looks RIPE for FOMC Day

We’re heading into FOMC tomorrow, let’s make these trades count!

The Eminis are both bullish into ranges tonight, which means I’ll be looking for failures at the lows and breakouts thru the highs. 

But if we’re really lucky, we’ll get a “Slingshot Breakout” for the bears…

Speaking of the bears – we have a similar “Slingshot Breakout” setting-up on Crude Oil, all we need is to the pullback… 

Time is tight tomorrow with the Fed Announcement, so grab these trades early!

E-Mini S&P (ES):

E-Mini Keys to Success:

• We’re bullish into a range on the Emini this evening, telling us that buyers will be looking for entries at support levels below the range, or buying breakouts to new highs above the range on Wednesday.
• Sellers can get short with reversals off the high, and they can sell breakouts going back to the low of day with the proper setup.

Best Trades for Tomorrow: 

• UP – buy the breakout (or) sell the reversal
• DOWN – buy the seller failure (or) sell the 123-breakout
• SIDEWAYS – sit on hands and wait for a breakout

E-Mini Nasdaq (NQ):

Nasdaq Keys to Success:

• Nasdaq is bullish into a range tonight, so we know buyers will be looking for breakouts to new highs, or pullbacks to support levels below the range.
• Sellers can short the highs with reversal patterns, or they can “trade the turn” with a 123-breakout going lower.

Best Trades for Tomorrow: 

• UP – sell the buyer failure (or) buy the bull breakout
• DOWN – Buy the seller failure (or) sell the 123-Reversal
• SIDEWAYS – avoid the middle and wait for a breakout

Crude Oil Futures (CL):

Crude Oil Keys to Success:

• Crude Oil is bearish into a range, with sellers getting short off the highs and now trying to complete a breakout going lower.
• Buyers need to be careful right now because this recent move is VERY strong.  Wait for sellers to struggle and use a failure to buy into stops, or just wait for a change in momentum with a 123-Reversal going higher.

Best Trades for Tomorrow: 

• UP – sell the buyer failure (or) buy the 123-Reversal
• DOWN – sell the breakout (or) buy the seller failure
• SIDEWAYS – wait for the new range, then sell resistance levels above it.