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What a day!! You Ready for Tomorrow?

Markets made some strong moves this afternoon, but only one of them is expected to continue – the others might be walking into a massive trap!

Trading’s been great this week, but this ‘trap reversal’ could make our entire week!

Emini and Nasdaq are bearish with strong runs lower today, but look closely and you’ll see why this might be nothing more than one big trap!

Crude Oil is bullish into a range – I have 3 pullback trades I’m watching, but the breakout might be the easiest winner you find all week!

E-Mini S&P (ES):

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Emini is bearish, but can sellers hold this range breakout?

After a wild session of back-and-forth price-action, sellers took the price lower with a strong spike down, which was recently retested.  The big question now is, can sellers hold below this range?

Sellers have control of the momentum, and they’ll be looking for entries off the high of this channel, along with breakouts going lower.

Buyers have to stay patient, but they can use a 2-try failure to buy a reversal, and buy pullbacks on the way back up to the range “magnet” just above 4000,

Keys to Success:

• Bearish, but trading at range lows – can sellers hold this breakout?
• Sellers need continuation lower so they can sell the bounces
• Buyers want a reversal off the lows, along with a move back into the range.

E-Mini Nasdaq (NQ):

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Bears have control, but we’re trading at range lows!

Price spent most of the day bouncing up and down around the weekly range, finishing the session with a strong run lower which was recently retested.

Sellers have control, but the big question is whether or not they can hold this breakout sitting right at range lows.

Sellers want to sell the high of this channel, along with breakouts going lower to the next major support zone around 11854.

Buyers would love to grab a reversal of this low, and trade the run back up to the middle of the range near 12362.

Keys to Success:

• Bearish, but sitting at major range lows – can they hold?
• Sellers want to short the bounces off-channel highs or sell breakouts going lower.
• Buyers want a reversal and run back to range middle.
• Beware major support below us, sell the bounce for a retest.

Crude Oil Futures (CL):

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Crude Oil is bullish with $110 as the next objective!

Crude Oil range higher into a range today, suggesting that buyers will be looking for entries at support levels below the range, along with breakouts on the way higher to $110 and last week’s close.

Sellers have to be careful right now.  Momentum is strong so selling off these highs will be difficult, and they need a strong change in momentum to hold off the buyers if we go lower.

Keys to Success:

• Bullish into a range
• Buyers want to buy pullbacks and breakouts going higher
• Sellers can sell a double-top reversal, or a 123-Reversal going lower on strength.
• Breakouts easy for the buyers, not easy for sellers.