V-Bottom Slingshot to New Highs? Favorite Setups for Tues
We’re back to our desks for the second week of August, and with the events that occurred over the weekend, combined with the pending stimulus deal and rescue package for the airlines, we have a lot to look forward to in the days ahead…
The biggest clue from today’s session was the V-Bottom on the Emini ES, because that tells us buyers are starving for a good entry, and momentum has the potential to slingshot this market back to all-time highs… let’s get started…
E-Mini S&P V-Bottom Tells an Important Story…
E-Mini S&P is bullish with a combination of a V-Bottom and trading-range on the charts tonight; both of these patterns tell me to look for long entries down around the 3340 area, and I’d like to see a seller failure pattern to trigger the entry…
Crude Oil Bullish Triangle Says “Focus on the Edges”…
Crude Oil is bullish into a triangle pattern tonight, which tells me to focus on buy setups down below the edges of the triangle at 41.80 and 41.60. We’re also waiting for more details on a rescue plan for the airlines, which could easily produce one of two breakout patterns…
Gold Sellers Need to Finish Rotation…Or It’ll Snap!
Gold is bearish and trying to complete a pendulum swing just below last Friday’s low; we’re trading in a range, which means I can’t sell down at these lows, but I’m watching to see if the sellers fail, because if they do, we should see a nice 123-Reversal for a re-test of today’s high.
