February 18, 2016
Looking for Traps | Crude Oil, Gold, E-mini & Euro Futures 02/17/16
“Most people fail in life because they major in minor things.”
Notes for Tonight’s Newsletter:
Crude
Oil is bullish with a channel
and measured-move
higher today. This price is well
overbought at these highs, so we will be waiting for a bearish correction to a
cheaper price before we look to buy more.
Today’s API Inventory Report pushes prices higher into the closing bell,
which is likely going to be a trap
at the highs. Buyers want to see the
price hold this next pullback
and sellers are looking for this pullback to fail to fade
this move back lower.
Oil is bullish with a channel
and measured-move
higher today. This price is well
overbought at these highs, so we will be waiting for a bearish correction to a
cheaper price before we look to buy more.
Today’s API Inventory Report pushes prices higher into the closing bell,
which is likely going to be a trap
at the highs. Buyers want to see the
price hold this next pullback
and sellers are looking for this pullback to fail to fade
this move back lower.
E-mini
S&P is also bullish and considered too expensive to buy up at today’s highs
which tells us to stay patient for a bearish correction
before we look to buy more tomorrow. We
had a spike
& channel today which will be waiting to correct back to the zone around
1905.00 and a trading-range
that will give us some additional areas of support as it pulls-back. Buyers need to see this next pullback
hold but they will be weary of buying this high and will prefer to buy a
discounted price at support levels below.
Sellers will be looking for this next pullback to fail so they can sell
the highs of today’s range.
S&P is also bullish and considered too expensive to buy up at today’s highs
which tells us to stay patient for a bearish correction
before we look to buy more tomorrow. We
had a spike
& channel today which will be waiting to correct back to the zone around
1905.00 and a trading-range
that will give us some additional areas of support as it pulls-back. Buyers need to see this next pullback
hold but they will be weary of buying this high and will prefer to buy a
discounted price at support levels below.
Sellers will be looking for this next pullback to fail so they can sell
the highs of today’s range.
Gold
is trading sideways
inside a narrowing multi-day wedge
this evening which tells us to wait for failures at the highs and lows until we
see a successful breakout
at the end of the wedge. The overall
trend going into this range was bearish, which tells the sellers to look for buyer-failures
at the highs of the range, and eventually we will get to the end of this wedge
and price will breakout in either direction.
We will be waiting to see WHO holds the pullback
after the breakout for the most reliable trades.
is trading sideways
inside a narrowing multi-day wedge
this evening which tells us to wait for failures at the highs and lows until we
see a successful breakout
at the end of the wedge. The overall
trend going into this range was bearish, which tells the sellers to look for buyer-failures
at the highs of the range, and eventually we will get to the end of this wedge
and price will breakout in either direction.
We will be waiting to see WHO holds the pullback
after the breakout for the most reliable trades.
Euro
is bearish and coming off the highs of a channel
which tells us to look for traps at the highs and selling opportunities on the
way down to channel lows and the measured-move. Very similar to gold, we have a multi-day
channel that may cause some confusion tomorrow, but the one thing we know is
direction so we will look for bull-traps
at the channel-highs, along with lower-lowers
and opportunities on the way down to channel lows.
is bearish and coming off the highs of a channel
which tells us to look for traps at the highs and selling opportunities on the
way down to channel lows and the measured-move. Very similar to gold, we have a multi-day
channel that may cause some confusion tomorrow, but the one thing we know is
direction so we will look for bull-traps
at the channel-highs, along with lower-lowers
and opportunities on the way down to channel lows.
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