SQUEEZE ALERT!! This ‘Slingshot’ Reversal Could Be Biggest Trade of Week!!
Are you ready for FOMC? Let’s go!
Everything’s bearish going into FOMC tomorrow, but once you see tonight’s charts, you’ll see why this “short squeeze” might be the biggest trade of the week!!
Emini and Nasdaq are bearish into ranges, but this “slingshot” reversal could change things in a heartbeat!
Crude Oil is bearish with a strong run lower today – I’m definitely looking to short the next pullback, but the double-bottom reversal looks even better!!
E-Mini S&P (ES):
The Nasdaq is bearish into a trading-range, which tells us to look for shorts off resistance levels above the range, along with breakouts going lower.
Keys to Success:
- Bearish into a range, large spike and channel from Monday
- Sellers want to sell the bounces & strong breakouts lower.
- Buyers want a double-bottom reversal off the lows.
E-Mini Nasdaq (NQ):
The Emini is bearish with a range, telling us that sellers will be looking for shorts off resistance levels above the range, along with breakouts going lower.
Keys to Success:
- Bearish into a range with rotation off the low (bullish!)
- Buyers want a slingshot reversal off the lows
- Sellers want to sell resistance above, or breakouts below.
Crude Oil Futures (CL):
Crude Oil is bearish with a strong spike lower, telling us that sellers will be looking for a retest of the low before a likely bounce back up into the range above us.
Keys to Success:
- Strong move lower, pendulum-swing & trading-ranges everywhere
- Buyers want a reversal off this major low
- Sellers want a short for a retest of the low
