September 30, 2015
5 Trades for Thursday | Crude Oil, Gold, E-mini & Euro Futures 09/30/15
“Knowledge has to be improved, challenged, and increased constantly, or it vanishes.”
Notes for Tonight’s Newsletter:
Crude Oil is range-bound with a bullish-bias this evening after we finished the 3rd quarter of 2015 with a volatile session. We can see the trading range and a bull-channel on the chart which means we will be looking for buying opportunities at the lows of the range on Thursday while using measured-moves and channel-rotation for targets overhead.
E-mini S&P is range-bound with an overall bearish-bias, but today was an extremely bullish day with clear signs that the buyers MUST hold it together or the bears are going to send this price right back to where it came from tomorrow. We can see a bull-channel-undershoot, combined with a failure to get into the range above us which tells us to look for buyer-failure at the channel-lows and a POSSIBLE collapse back down to 1886.00 and 1872.00 on Thursday.
Gold is bearish with a measured-move and channel-undershoot telling us to stay patient for a measured-correction higher tomorrow before we see the next selling-opportunities this week. The long-term measured-move has been completed, and when you combine that with the ‘undershoot’ of the channel-low we can easily expect to see the sellers take profit and the buyers look for bargains. Trend-following sellers need to wait for a correction, which can go as high as 1127.5 before getting stuck back inside the original range from Monday.
Euro is range-bound and trading at the lows of the range so we are looking for a bullish move back up to a phantom-trend-line and then up to the highs of the range for tomorrow. We can see a major bear-channel which should NOT be effective at holding the buyers back from re-testing the highs, but today’s bearish spike-and-channel tells us to watch closely around the ‘phantom trend-line’ before looking to buy above 1231 on our way back to re-test the range-highs.
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