Another great day comes to a close, but now it’s time to get prepped for tomorrow’s FOMC Announcement, which can be tricky to “time the entry” properly if you don’t the best times to trade it… Not to mention, the markets made a strong run higher into today’s close, inches away from filling the weekend GAPS, which means anything is possible for tomorrow and I want you to be ready – are you with me? Let’s go…
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Crude Oil is bullish into a trading-range this evening, which tells me to look for buy setups to buy below the range using a seller-failure pattern…
And if we rally higher, I have a key resistance level just above us, reminding me not to chase it higher and look for traps!
E-Mini S&P is bullish into a spike & channel pattern, which tells me to look for buy setups after a deep pullback, down into the battle-zone around the base of the channel…
But let’s not forget about that gap from last weekend, which is just a few points higher, reminding me that I might be able to short the GAP fill if I can get my favorite reversal pattern tomorrow morning…
Nasdaq is bullish and just climaxed inches away from completing the GAP-fill from over the weekend, which is a big clue, telling me not to “buy high” and wait patiently for the opportunity to buy the next deep pullback in the battle-zone…
And let’s not forget, if the buyers get rejected at these highs, we could easily see a 123-reversal and find ourselves selling the high of a new hidden-channel on the way down to the 9000 round number early tomorrow morning.
Gold is bearish and closed today’s session right at the day’s low, which is a big sign of bearish strength, so I'm looking to sell any decent pullback up around key resistance levels waiting overhead…
And speaking of resistance, I can see four different levels all coming together right around 1575, so I know exactly where to look tomorrow morning…
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Economic News:
Please remember that economic news, both scheduled and un-scheduled will increase volatility and decrease liquidity in the market in the short-term, which causes price-action to react inconsistently with the levels of support and resistance mentioned in this video. Trading during economic news reports is dangerous and highly discouraged, no matter what your level of experience.
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