Dont chase this move | Crude Oil, Gold, E-mini & Euro Futures 02/29/16

Click here to download today’s charts

“I discovered a long time ago that if I helped people get what
they wanted, I would always get what I wanted and I would never have to worry.”

Notes for Tonight’s Newsletter:

Crude
Oil is bullish after a ‘trap-low’
from last Friday went into a spike
& channel today which tells us buyers are hunting for the previous high
of day tomorrow.  We have a trap-low
from last Friday, a bull spike & channel, a trading-range
and a handful of measured-moves
to work with tonight.  The trap-low is a
BIG CLUE that tells us the buyers will likely be hunting for the high of that
range up at 34.70.  The spike &
channel tells us to look for buying opportunities at the lows of the channel as
well as a correction to the base of the channel.  The trading-range tells us we recently had a
bear-trap at the lows so price should try to push up through the highs, and the
measured-moves give us easy resistance areas overhead that can be used for
targets.

E-mini
S&P is bearish after collapsing off today’s high and we are likely
going to see price continue down to the lows of a multi-day
channel but wise traders will be careful at today’s lows.  We have a multi-day bear channel, short-term bear-channel,
trading-range
and a GAP
to work with this evening.  The major
bear-channel is trying to finish rotation
down to the lows, and the minor bear-channel recently broke and trying to
finish a short-term measured-moved
at 1921.50.  The trading-range
tells us that there will be stops sitting below the lows, and selling the low
will be unreliable so we should look for a trap-high
before selling.  The GAP up at 1945.75 is
an easy target for a move back off the lows tomorrow.

Gold
is bullish but trading at the highs of a channel
which tells us to stay patient to look for a bear-trap
at the channel lows for the most reliable opportunity tomorrow.  We have sellers getting fooled this morning,
a bullish spike
& channel and a measured-move
to work with this evening.  Today started
with the sellers getting completely fooled which tells us the buyers are
hunting for range highs at 1244.4 and 1254.2 until they are proven wrong.  The bull spike
& channel tells us to wait for rotation back to the lows as well as a
correction back to the 1226.8 support ‘zone’ for the most reliable buying
opportunities and the measured-move gives the buyers an easy target just above
last Friday’s high.

Euro
is bearish with a spike
& channel this evening which tells us to look for selling opportunities
after a correction back to resistance levels overhead tomorrow.  We have a big head-fake
to start the session, a bear spike
& channel and three pushes lower to work with this evening.  The head-fake at the open clearly ran out the
buyers and appears the bulls joined the bears and follow it lower today which
tells us to expect more of this after a correction higher.  The spike & channel tells us to look for
selling opportunities at resistance levels overhead to fool the buyers and send
price lower into a measured-move,
and the three pushes lower tell us that selling without the correction is not
very reliable even as we anticipate price to attempt to revisit the lows this
evening.