This morning’s “Fed Speak” gave us some big moves on the charts today, and I'm using the most reliable chart patterns to help me formulate the trading plan for Thursday’s session…
Because no matter “why” the markets are moving, the only thing …
This morning’s “Fed Speak” gave us some big moves on the charts today, and I'm using the most reliable chart patterns to help me formulate the trading plan for Thursday’s session…
Because no matter “why” the markets are moving, the only thing that matters is the short-term momentum, the most reliable chart patterns, and the proper entry triggers – are you ready for tomorrow?
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Crude Oil is bullish with a strong run back up to re-test July’s high, and with such a strong move to finish today’s session, we can expect buyers to be waiting on the next deep pullback…
Knowing this, I'm watching key support levels to buy that pullback – such as the low of the bull channel, and the trading-range from earlier in today’s session.
E-Mini S&P is bullish into a trading-range, which tells me to buy the low, sell the high, and avoid the middle of that range tomorrow morning.
But the biggest clue I see on the chart is the strong pullback going into lunch this morning, which tips us off to expect a deeper pullback for the more reliable buy set-ups on Thursday.
Nasdaq is bullish into a narrow trading-range, which tells me to look for buy set-ups down below the range lows tomorrow morning.
And to plan the best entry, I'm watching key support levels, like the low of a Hidden Channel and the reversal-line support at 7870.
Gold is bullish with a strong run into the closing bell this afternoon, which tells me to look for buy set-ups on the pullback to the low of a new Hidden Channel.
This strength also tells me to be prepared to buy the market as it goes higher, because the bulls may be looking for a larger measured-move objective, and if so, my goal will be to buy using bear-traps before we get there.
Euro is bullish with the combination of a Spike & Channel and narrow trading-range on the chart tonight.
Those two clues are importa..
