May 17, 2016
- in Uncategorized by schooloftrade
3 Channels for Wednesday | Crude Oil, Gold, E-mini & Euro Futures 05/17/16
“The best way to predict the future is to create it.” – Joseph James
Notes for Tonight’s Newsletter:
The
rollercoaster continues this week in the futures markets; Crude Oil is
bullish going into major news, E-mini S&P is bearish but expecting a big correction
after a double-overshoot of the channel,
Gold is bullish and trying to finish channel
rotation back to the highs while the Euro is trading inside a megaphone and
headed lower.
rollercoaster continues this week in the futures markets; Crude Oil is
bullish going into major news, E-mini S&P is bearish but expecting a big correction
after a double-overshoot of the channel,
Gold is bullish and trying to finish channel
rotation back to the highs while the Euro is trading inside a megaphone and
headed lower.
Crude
Oil is bullish and trading at the highs of a channel
which tells the buyers to look for opportunities back at the lows or wait for a
breakout-pullback to expand the channel
higher tomorrow. The buyers won’t be
interested in buying into the measured-move and channel-high resistance so the
only two options would be to get a breakout-pullback above the measured-move on
the way up to the expanded-channel
high, or look for buying opportunities back at channel lows and support levels
below. We have contract rollover
tomorrow so volume is expected to be lighter than usual and with major news at
10:30am EST we won’t be surprised to see this market pull-back sharply so
buyers can get a cheaper price heading into news.
E-mini
S&P is bearish but a double-overshoot at the lows of the channel
gives the buyers a window of opportunity to send price back to the channel
highs and most likely the next major swing level overhead before the sellers
take interest again. The measured-move is
the line-in-the-sand right now for the buyers, who will be looking for a move
back above the channel high to the major swing at 2052.25 where we can then
assume the sellers will start looking for new opportunities back down to
re-test the lows at 2037. The bear
channel tells us that sellers will be waiting as this price rises higher, and
the buyers will be looking for a breakout-pullback above the channel-high to
get the window they need to push higher.
S&P is bearish but a double-overshoot at the lows of the channel
gives the buyers a window of opportunity to send price back to the channel
highs and most likely the next major swing level overhead before the sellers
take interest again. The measured-move is
the line-in-the-sand right now for the buyers, who will be looking for a move
back above the channel high to the major swing at 2052.25 where we can then
assume the sellers will start looking for new opportunities back down to
re-test the lows at 2037. The bear
channel tells us that sellers will be waiting as this price rises higher, and
the buyers will be looking for a breakout-pullback above the channel-high to
get the window they need to push higher.
Gold
is bullish and trying to complete rotation back to the high of a channel
this evening and a small trading-range gives the buyers a great opportunity for
a breakout-pullback or a ‘trap lows’ on the way back to the target overhead. The bull channel may end up being a triangle
if the bulls can’t get through the overhead resistance trend-line so keep an
eye on rotation back to the lows if that happens and there is a measured-move
target waiting overhead.
is bullish and trying to complete rotation back to the high of a channel
this evening and a small trading-range gives the buyers a great opportunity for
a breakout-pullback or a ‘trap lows’ on the way back to the target overhead. The bull channel may end up being a triangle
if the bulls can’t get through the overhead resistance trend-line so keep an
eye on rotation back to the lows if that happens and there is a measured-move
target waiting overhead.
Euro
is trading lower this evening and a failed bull-flag combined with a megaphone
gives the sellers and easy target back at the range lows tomorrow. The Euro is ugly as sellers continued to
scale into this move after last week’s run lower. The recent bull flag has failed which means
the target is back at the beginning of the move which will likely be extended
down to the low of the megaphone or possible bear channel
tomorrow.
is trading lower this evening and a failed bull-flag combined with a megaphone
gives the sellers and easy target back at the range lows tomorrow. The Euro is ugly as sellers continued to
scale into this move after last week’s run lower. The recent bull flag has failed which means
the target is back at the beginning of the move which will likely be extended
down to the low of the megaphone or possible bear channel
tomorrow.
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