Are You Trading the “Snap Back” on Tuesday?

Welcome back from the holiday – end of the month is tomorrow, time to get to work!

The Nasdaq is bullish into a range tonight, so I’m looking for buy setups at support levels below the range, or breakouts going higher…

The Emini is bullish too – and with the “Snap Back” setup in play for Tuesday, I’ll be looking for longs on the way back to recent highs…

Crude Oil is bearish and trying to retest last Friday’s low – the reversal off today’s high tells me exactly where I should look for entry, so don’t miss tonight’s video…

E-Mini S&P (ES):

E-Mini Keys to Success:

Emini began the day with a bullish run higher into a trading-range before buyers took price higher with a bull breakout on strength.

Buyers have a lot of momentum on their side, but it’s obvious they’re starting to struggle and that range (magnet) will likely be able to drag price back down again.

Sellers will be looking for shorts on the way back into the range, as well as moves back to the lows from Monday morning.

Buyers need to stay patient right now – they have a change in momentum for the bears and the resistance trend-line doesn’t give them many options until we see a breakout going higher.

E-Mini Nasdaq (NQ):

Nasdaq Keys to Success:

Bulls took control on Nasdaq this morning and never looked back, finishing the day right up at the highs and trading sideways with a range.

Buyers will be looking for entries at support levels below the range, along with breakouts on strength going higher on Tuesday.

Sellers need to be patient – waiting for either momentum to turn bearish with a 123-Reversal or signs of exhaustion to short resistance levels above the range.

Crude Oil Futures (CL):

Crude Oil Keys to Success:

Crude Oil buyers took control at the beginning of the day with a gap-up into a range, but they failed to hold their bull breakout and price collapsed back down again giving the bears control of momentum going into the close.

Sellers will be looking for a retest of last Friday’s low, and the best entries will be selling the high of this bear channel or using “traps” to sell short if we keep grinding lower.