Can We Trust These Buyers Yet? | Crude Oil, Emini S&P, Nasdaq, Gold
Our favorite markets are looking rather bullish going into Wednesday morning, but after two days of strong moves lower, I find myself wondering… “Can we trust these buyers yet?”
Because even though we finished with some strong moves higher, we’re still sitting at the highs of today’s ranges, which is a horrible place to buy pullbacks…
And my plan for tomorrow is to sell off these highs, but I need to wait for the buyers to try a couple times before I let it rip lower – are you ready?
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Crude Oil is bearish overall, but this recent run higher tells me that buyers are going to try buying the next pullback…
And I hope they do, because I'm going to use their stops as fuel for the run back down into the range again on Wednesday morning.
E-Mini S&P is bearish, but we finished today’s session with two strong legs for the bulls, which makes me think that buyers are gearing up for a short-covering rally…
But maybe we’ve missed the REAL clue here, that after two days of lower prices, sellers are simple waiting to price to come back to where they can actually get short!
Nasdaq is bearish, but a strong two-legged run higher is testing the outer limits of this morning’s range, which tells me this area is “do or die” for the bulls…
And I hope these buyers throw everything they’ve got at this market, because when they fail, those stop-losses will be excellent fuel for a run back down to re-test the lows again tomorrow morning
Gold is bullish into a narrow trading-range this evening, which tells me to wait for buy setups below the range on Wednesday morning…
But the biggest clue might be what didn’t happen today, a pullback, and I have my eyes on the 76.7 support level as a prime location to “risk small and earn large” tom..
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