Don’t Miss this Slingshot Breakout

Where are the best trades for Wednesday?

Emini is range-bound – the best trades will be “buying low, selling high” with failure patterns…

Nasdaq is range-bound – with today’s big selloff, I’m looking for a “2-try failure” pattern to get short back to the lows…

Crude Oil is bullish into a range – with buyers holding the lows, I’m looking for a “Slingshot Breakout” to get long tomorrow morning…

Plenty of great trades to look for on Wednesday – are you ready?

E-Mini S&P (ES):

E-Mini Keys to Success:

Just as we expect – buyers were met with lots of selling pressure at the all-time highs which caused price collapse and run lower.  Buyers got another opportunity to take it higher but failed into what now appears to be one large range (magnet) right in the middle of today’s trading.

This market is nothing but one big range, so the best strategy is to wait for a breakout and trade failures – buying low, selling high, and waiting for proof of a breakout.

E-Mini Nasdaq (NQ):

Nasdaq Keys to Success:

Nasdaq tumbled off the overnight into a small trading-range near the lows of today’s range. 

Buyers just got a nice bounce off the lows, but unless they can hold this pullback for a 123-Reversal going higher, we know sellers will be looking for ways to get short back to the lows.

Crude Oil Futures (CL):

Crude Oil Keys to Success:

Bulls have control of momentum on Crude Oil into a range today – buyers were successful at “buying the dip” and now they’re trying to push through the major highs (77.44) into blue skies overhead.

Buyers have a great opportunity for a breakout pullback or 123-breakout pattern and they’ll likely use the breakout leg as a new measured-move target overhead.

Sellers need to stay patient for proof of a 123-Reversal going lower, or they need to wait for a 2-try failure to sell off the 77.60 highs.