Friday’s Trading Plan | Crude Oil, Gold, E-mini & Euro Futures 06/30/16

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“Pain is temporary. It may last a
minute, or an hour, or a day, or a year, but eventually it will subside and
something else will take its place. If I quit, however, it lasts forever.”

Notes for Tonight’s Newsletter:

We’re
headed into a holiday
weekend in the U.S. tomorrow with a half-day on the schedule but these
markets are clearly setting-up to give us some great trading
opportunities on the first day of July; Crude Oil and Euro are bearish while
the S&P and Gold are bullish going into Friday’s session.

Crude
Oil is bearish and trading at the lows of a channel this evening; Sellers had
control for the entire session today, finishing the session at the lows of the
bear channel and completing a measured-move objective.  The bear channel tells the sellers that the
most reliable trading opportunities will be up at the highs but the recent
collapse back to the lows tells us we may not see a very large correction
before this market returns back to the measured-move tomorrow.  Buyers have two options right now, either get
to it quickly on the way back to the highs or wait to see if they can get a
breakout-pullback to hold above 49.30 for a move back to $50.  sellers will be watching closely for
buyer-failures as price corrects off the low with a target to get back to the
low of day and possibly a double-down target below.

E-mini
S&P is bullish with another strong bullish session with back-to-back spike
& channels today; The day started a little choppy but the bulls clearly took
control for most of the day today and finish the move up to the highs of a bull
channel to complete the ‘double-up’ target at 2091.  The most recent spike & channel will
provide the buyers with a great support zone to look for traps and the low of
the bull channel will be an even better price to buy if they get an even deeper
pullback.  The sellers need to be careful
right now because there isn’t much room to sell with lots of support levels for
buyers to be waiting all the way down to 2070.

Gold
is bullish and trading at the highs of a range this evening; The bulls took
control shortly after the London session opened today and proceeded to buy all
the dips back to new highs in what appears to be a bull bias trading
range.  This type of market will make it
possible for both the buyers and sellers to make money at the highs and lows of
the range which tells the bulls to be patient to buy the lows rather than try
to chase at the highs.  Sellers (we
assume) will be fading this move at the highs but the strength of this recent
bull run tells them to look for another leg higher into the measured-move
before trying to sell back to the lows.

Euro
is bearish and trading at the highs of a flag this evening; After a sloppy
start to the session the bears took control late-morning to complete their
measured-move target before the buyers took control with a measured-move of
their own.  The two things that stand out
on this chart are the overshoot of the bear channel lows (which is now
producing an overshoot at the highs) and the bear flag that occurred earlier
today appears to be doing the same thing once again.  Sellers will be looking to sell the highs of
this bull channel (bear flag) using failures with a target back to channel lows
and the low of day.  Buyers need to be
patient to wait for either a move back to the lows or a strong breakout
pullback above the channel highs with a target up at the double-up overhead.