Is This Rally Over? (Or Just Beginning?)
Most of our favorite markets are bullish and finishing today’s session up at the highs, but question on everyone’s mind is –
“Will this rally continue tomorrow?”
The E-Minis and Gold are waiting for confirmation before we can buy more, the Euro is trying to re-test today’s high, and Crude Oil has a few different scenarios we need to plan for ahead of Wednesday morning – are you ready?
Crude Oil is Back to the Lows, Will it Continue?
Crude Oil is bearish with a strong run back to re-test the prior lows, which tells us we’re indeed bearish, but leaves us waiting for PROOF that these sellers actually want to take it lower…
Knowing this, I can’t sell at these lows, so I’m waiting for a pullback to sell off the battle-zone overhead, or waiting for more confirmation to structure the next sell set-up off the high of a Spike & Channel.
E-Mini S&P is Three Legs Up, Where To Next?
E-Mini S&P is bullish and just completed a triple measured-move, which confirms the bulls are in good shape, but they need some more PROOF before we can take this higher…
Knowing this, I’m ready and waiting for a pullback to the low of the channel, and if we get that pullback my goal will be to use a seller-failure set-up to buy going back up to re-test the high.
Nasdaq Looks Tired, Where’s the Pullback Entry?
Nasdaq is bullish and recently re-tested today’s high while completing a triple measured-move, telling us that we’re bullish, but we’re a bit too high to start buying at this major resistance level…
A better plan, would be to wait for a pullback to the low of the channel, and then look for buy set-ups using a seller-failure set-up…
Gold Has Plenty of Room to Run (But First…)
Gold is bullish and sitting right at today’s high, which is considered major resistance, and far too expensive to consider buying…
So I’m going to wait for a pullback instead, looking to buy the battle-zone below this afternoon’s trading-range…
Euro is Hunting for a Re-Test of the High…
Euro is bullish, but it looks like we’re back inside a narrow trading-range again, which isn’t a very reliable place to trade…
A better plan is to buy below the range, so I’m going to wait for the bears to try sending it lower, then look for a 2-Try Failure pattern to buy going back to the high of the range.
“Genius is one percent inspiration and ninety-nine percent perspiration.”
