Running into the red line of resistance, which was old support, has caused gold to take a pause forming these double top clusters. Prices have sneaked back down to the lower trend channel line which I view as a shot to take a long. Time will tell if it holds.
More sideways action, per usual. Just goes to say, buy dips and fade rallies. Any 8-10 point move is essentially easy to fade. The ideal situation would be to wipe out stops, enter, and ride a new wave. Playing this market is like surfing in your bathtub. Don't expect more than 10 points in a trade. If you have that, it's a gift and you're amazing!
Crude always has the potential to pop higher, but the downtrend line from the short term top has served as a great short entry for many weeks now. I'm still in favor of being more aggressive playing the short side. 52.25-53.50 area is where I'd look to be short from ideally today and seeing how that plays out.
Gold: a picture perfect uptrend. Breaking it down on a micro view it's semi caught by this red line which is old support. I'd look to buy dips, in particular near the lower channel lines. We'll have to wait and see if this area is able to turn the uptrend into a rounding type top.
Watching paint dry has been more exciting that trading/watching ES the past two months. But Friday marked a new era. I personally believe volatility will increase with the Trump presidency which will be in line with his personality. Risk of tweets and uncertainty all can impact moves and in time I think the moves will become more overdone. Maybe I'm just wishful,...
Macro story has been bearish while the micro has been bullish. The price consolidation appears to be ending soon looking at the chart triangle. 52.75-52.50 shows some support while 53.50 area has remained a solid selling area. Outside these areas I think represents short term breakout and think we'll see some trend extension.
Make ES Great Again. Hopefully today marks the beginning of a new and improved contract. One that swings 8-12 points continuously throughout the day and averaging wider than a 10pt 3-day range. Bigger picture I think new all time highs is the more likely scenario, but the higher it goes, the more it has to fall down.
CL certainly has been an active product to trade everyday so far in 2017 providing nice moves in each direction. Bigger picture chart to me remains bearish while shorter time frame shows some juice in the bulls. I'm still remaining more aggressive on my sells than buys. I think the lower horizontal pink line is our eventual destination while a pop around 53.50 is...
ES will breakout eventually...soon...it has to. Can't tell you which direction but something has to happen to break this monotony.
Groundhog day with Crude. Double top is major formation I see. We're getting nice swings in both directions. Everyone sees a big sell off coming, but hasn't happened yet... This downward channel under some pressure and I wouldn't be surprised if it doesn't hold. The sweet sell spot today might be somewhere higher more around 53.00-53.50. EIA Natural Gas Report and...
A total "what if" scenario, but something to maybe keep in mind.
Nice bounce/double bottom from the 2258 level. Bulls still want that dow 20k. The Asteroid belt (dow cash 199930-199975) has yet to fail. So until then, why change a thing? Eventually this sideways garbage will change. Should be some resistance around that trendline from the top. The stops zone should rest around the upper bear zone. Let's see how things line up...
We have the major double top that's been in play since last week accompanied by the minor double top formed by Tuesday's trade. Three major wicks also present on the daily chart, all suggesting a sell off...which we haven't gotten yet. But I do think it's coming so trying to short at good levels in hopes of catching a fantastic runner. 53.00-53.25 might be the...
A lot of Fed talk this week along with the presidential inauguration being the highlight of the week. Dow 20k has been so close, yet so far. Meeting tremendous resistance in the "asteroid belt". Sounds mundane but until things change this is the way I view things: sell offs are buying opportunities and dow cash 19930-19990 is a selling opportunity. Nothing more...
Last week the short trade was the crowded trade, therefore we rallied. This week is beginning, in the short term at least, with perhaps the long trade being the crowded trade, therefore we might actually sell off. The double top is still in play but under pressure. It's all about the Dollar, but I still want to sell it to ideally catch a solid runner to the downside.
25 point wide range on the entire week. Thursday exposed where the sell stops were and where the real buyers were. Today could be the inverse on the upside. Playing the extreme points of the week will be the best play. Would be hilarious to see Dow 19999.6 only to be rejected again.
Impressive recovery by crude this week. Great opportunities playing both side this week but the long plays paid out the best. Today though I think the short play will be the victor. 53.25-53.50 is an area I'm looking to short. If yesterday's high can't be taken out I bet we see some solid selling pressure come in to close out the week.