Thursday’s Trade Plan | Crude Oil, Gold, E-mini & Euro Futures 07/13/16

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“Desire is the key to motivation, but
it’s determination and commitment to an unrelenting pursuit of your goal — a
commitment to excellence — that will enable you to attain the success you
seek.”

Notes for Tonight’s Newsletter:

There
hasn’t been any shortage of trading
opportunities this week and tomorrow is setting-up to be another big day
across all of our favorite futures markets; Crude
Oil and the S&P
are bearish with the Gold
and Euro
bullish going into Thursday’s trading session.

Crude
Oil is bearish and completed the measured-move target after today’s inventory
report; The bears took control of this market at 10:30am EST with a spike &
channel and completed their measured-move which tells us to expect a
2-legged-correction back to prior resistance levels overhead for the next leg
down.  With such a strong bearish trend
we assume that sellers will be scaling-into this market as far back as the
battle zone around 46.00 tomorrow which gives the buyers an opportunity to hold
a pullback and take short-term control on the way to overhead resistance.  Sellers have a target back at 44.56 and then
a double-down and triple measured-move target will follow if the move continues
on strength.

E-mini
S&P is slightly bearish and rotating back to the high of a weak bear
channel this evening; The bears have a slight edge in the market this evening with
lower-highs and lower-lows but they missed their measured-move target by less
than a point which tells us that this is either unfinished business down at
2139 or we will see a trap above 2148 before the sellers get another
opportunity to get back to the lows.  The
bear channel is considered weak because it’s almost flat which allows both
sides of the market to make money as it rotates back and forth which is surely
going to cause some chop around the highs that we will be prepared for.  Buyers want to buy pullbacks up to the highs
of the channel and then look for a successful breakout-pullback above the channel
high for a target at 51.50 and 52.25 while the sellers need to wait for
buyer-failure and then hold a pullback of their own for a move back to the low
and possibly down to 34.75 where the double-down target is waiting.

Gold
is bullish and rotating to the high of a spike & channel this evening; The bulls have
clear control of this market but have run into resistance at the 44.5 double-up
on the way up to the high of the channel and the short-term spike & wedge
tells the buyers to look for a trap-low or a successful breakout-pullback above
44.5 for the next leg up to 46.3 and 49.1 measured-move targets overhead.  We can assume that buyers will be interested
in this market as far down as 36.0 which tells the sellers to either sell the
high of the channel (dangerous) or wait to sell buyer-failure below the
correction zone tomorrow.

Euro
is bullish this evening and pulling-back off the measured-move resistance ahead
of the next push back to the highs; The bulls completed their measured-move
target earlier today and clearly struggled to finish the double-up target which
tells us to expect the correction back to support before the buyers try
again.  The strength of this recent move
lower is the big variable right now because it will give the sellers confidence
to sell the next pullback for a move back to the battle zone at 11100.  Sellers need to hold the next pullback for
them to go lower and buyers need to either grab a breakout-pullback above the
measured-move or look for seller-failure in the battle zone after the next leg
down.