5 Trades for Thursday | Crude Oil, Gold, E-mini & Euro Futures 01/06/16

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“You must
take personal responsibility. You cannot change the circumstances, the seasons,
or the wind, but you can change yourself. That is something you have charge
of.”

Notes for Tonight’s Newsletter:

Crude
Oil is bearish with a spike
& channel and bear wedge
telling us to look for selling opportunities after a bullish correction
tomorrow.  Similar to yesterday’s chart, we
have a strong push lower with 3-pushes
down which tells us to expect the sellers to take profit, buyers will
attempt to push price higher and the sellers will be looking for them to fail
for the next opportunities to get short. 
Buyers can look for sellers to fail at the highs of the channel
for a chance to run stops back up to the resistance
levels overhead.

E-mini
S&P is trading inside a range with a bearish bias this evening which
tells us the sellers will be looking for buyer-failures
at the high, but if the bulls can hold we have a gap
to fill back up at 2012.00.  We started
the session with a bearish spike
& channel, but the sellers failed to give us any confidence when they
re-tested the lows, which is now giving the bulls the opportunity to try to
fill the gap
above at 2012.00 but they need to get through the range-highs first!

Gold
is bullish this evening but we have a measured-move
and 3-pushes into a wedge
which tells us to look for a bearish correction to run stops before this price
goes higher tomorrow.  The most important
clue will be channel-rotation
up to the highs… if the buyers can test the channel highs before correcting
lower than we have a much more confident bullish bias, but if they can’t test
the channel-highs then we will expect to see the bulls take profit and price
will likely re-visit the swing
lows below to run stops before the next attempt to go higher.

Euro
is bullish this evening but we are testing the base of yesterday’s spike
& channel which means the sellers need to take control or the buyers
will be hunting for new highs tomorrow. 
Buyers have control at this time, but there is a lot of resistance
in this area which tells us to be open-minded to both sides before we make any
decisions.  If the sellers want to take
control they need to make a new lower-low and then hold the first pullback
to send price back to the lows at 1.0728. 
If the buyers can hold the next pullback and push higher it will
certainly run most of the bears out of the market and clear the way to fill the
gap
and re-test the highs at 1.0846 and 1.0857. 
If successful, look for a larger measured-move
for a bull-target tomorrow.