Don’t Miss These (2) Reversals on Thursday!

Back to work this evening – we have some great trades on our radar for Thursday…

Emini is bearish into a range tonight – I’m looking for shorts off the high of a “hidden” expanding triangle tomorrow morning…

Nasdaq is also bearish – I’d love to finish the “rotation” with a breakout going lower, but there’s a BIG clue telling me to look for a reversal instead…

Crude Oil is bearish with a strong run lower – I’m hoping we get a nice big pullback so I can get short off (3) major resistance levels waiting overhead…

Plenty of opportunity on these charts going into Thursday.  Are you ready?

E-Mini S&P (ES):

E-Mini Keys to Success:

Sellers have control into a trading-range on the Emini today.

With bears in control of momentum, I’ll be looking for shorts at resistance levels above the range or confirmed breakouts going lower.

Buyers need to stay patient until they see signs of exhaustion off range lows, or a clear reversal going higher.  Target for the bulls is easily a retest of yesterday’s high.

E-Mini Nasdaq (NQ):

Nasdaq Keys to Success:

Sellers have control on the Nasdaq today, finishing the day back inside the range where we left off last night.

With sellers in control of momentum, I’ll be looking for shorts up at resistance levels above the range, along with breakouts going lower to the “pendulum-swing” target waiting below.

Buyers don’t have much to work with right now.  We need to see a 123-Reversal going higher before we can really think about buying.

Crude Oil Futures (CL):

Crude Oil Keys to Success:

Crude Oil began the day in a range, but a 123-breakout sent prices racing lower into lunch where we finished the day sitting on top of measured-move support.

This “big move” today reminds me to keep an eye out for a range to start tomorrow’s session.

Sellers have control, and with such a strong run lower, I’ll be looking for shorts off resistance levels waiting above us in the ‘Battle Zone’.

If price continues to push lower, I’ll find a new channel and start looking for shorts off channel highs on the way to $75.

Buyers need to stay patient because of all this bearish momentum.  If buyers can take control with a reversal, then I’ll look to get long on the “first test” of the new channel.