We have big moves on the charts, and big news scheduled for tomorrow morning, which means we need to be ready for anything…
But the biggest clue I see on the charts is a beautiful “boxed in” set-up on one of our favorite futures markets – are you ready?
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Crude Oil is bearish and trading at the low of a wide range, telling me buy the low, sell the high, and avoid the middle of this range on Wednesday…
Knowing this, I'm looking to sell the high with a classic buyer-failure set-up, but on the lows I need to be more patient buying the lows, so I'll use a “nested” variation instead.
E-Mini S&P is bullish with a Spike & Range pattern, telling me to look for buy set-ups using the battle-zone waiting below the range…
And if price continues to push higher, I need to resist the temptation to “chase it” higher and wait to buy the pullback to the low of a new Hidden Channel.
Nasdaq is bullish with a strong Spike & Channel, and with the psychological number of 8,000 just a few points overhead, it looks likely that the bulls will get there sometime this week…
The challenge, however, is it’s too late to buy this market – the more reliable strategy is to wait for the pullback down in the “base” of the channel, which is a much better risk-reward-ratio.
Gold is bearish and just a few points off the major support at 1478, which isn’t a very wise place to start selling because there’s not much left for the move to go…
Knowing this, I'm looking for a potential “boxed-in” situation to develop overnight – starting with a higher-low, a rising support trend-line, and a seller-failure off the low of a new Hidden Channel.
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