No Pullback? No Problem!
These markets just keep running higher this week! With strong economic data, combined with the USMCA Trade Deal signed this afternoon, the bulls have firm control going into Friday morning…
But as I look at these charts tonight, the lack of pullbacks on the way up to new highs is an important clue, telling me to anticipate (2) two possible scenarios tomorrow, and I want to make sure you’re ready as well – are you with me?
Smells Like a Range on Crude Oil…
Crude Oil is bullish with a strong run higher, telling me to buy pullbacks at the low of a new hidden-channel using seller-failure patterns.
I’m also watching a potential trading-range around 58.50, because that’s going to change the strategy to “fade the breakouts” if/when it’s confirmed…
That Emini is so HOT Right Now…
E-Mini S&P is bullish with a runaway move that seemed to last forever this afternoon without any significant pullbacks…
And that’s the big clue, no pullbacks, which tells me that buyers will be eagerly waiting to buy any pullbacks to reliable support levels, such as the low of this spike & channel tomorrow morning.
Nasdaq is Pinned to the High…
Nasdaq is bullish with a remarkable run higher to finish today’s session, and whenever I see this much movement in one session, I always anticipate a range the following…
Knowing this, I’ll be looking to fade the breakouts, selling above the highs and buying below the lows of the range, while keeping my eyes open for deep pullbacks that I can buy into seller-failure patterns.
Love the Expanding Triangle Gold…
Gold is bullish into a range with excellent trend-lines above and below to form an expanding triangle, which is one of my favorite market conditions to trade…
Knowing this, the bulls have control, so I’m looking to buy into seller-failures below the range and sell with buyer-failures above the range on Friday morning.
