TRAP ALERT!! This Reversal Could Be Biggest Trade of Week!!
Woah, what a Squeeze!!
Buyers have control after today’s ‘short-squeeze’ sent prices racing higher off range lows.
Now we’re back to range highs – buyers need to step-up with a breakout or this “bull trap” could trigger a massive reversal again!!
Emini and Nasdaq are bullish with strong runs higher today – Breakouts are certainly possible, but I’m hoping we get another 2-Try Reversal!!
Crude Oil is bullish with a strong spike higher – bulls still have room to run, but don’t miss this “double top reversal” on the retest!!
E-Mini S&P (ES):
The Emini is bullish and this recent move higher suggests buyers will be looking for a retest of the high before running back down into the range below us.
Keys to Success:
- Strong bull spike hasn’t been retested yet and we’re trading into the high of a big range.
- Buyers want to buy the next pullback for a retest of the high
- Sellers want a reversal back down into the range below
- Breakouts need major strength because there’s more resistance overhead.
E-Mini Nasdaq (NQ):
The Nasdaq is bullish, but we just retested today’s high and now we wait for a reversal lower or a breakout higher.
Keys to Success:
- Strong bull run just retested up around the high of a major range.
- Buyers want a breakout going higher
- Sellers want a reversal back to the range
- Beware bull breakouts because we have more resistance overhead.
Crude Oil Futures (CL):
Crude Oil is bullish with a strong run higher, telling us that buyers will be looking for another leg higher. We’re also trading at the high of a weekly range, telling us that sellers would love to see them fail!
Keys to Success:
- Strong move higher into major resistance at range highs.
- Buyers want a breakout going through range highs
- Sellers want a reversal back to range lows.
- Beware the bull breakouts because we have major resistance overhead.
