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We’re back to our desks for the final week of April, and we have a ton of great opportunities setting-up for Tuesday morning…

The E-minis are bullish and trying to push through to new all-time highs –am I crazy to look for a reversal up at these highs? 

And how about Gold?  Gold has the potential for a major rotation off today’s lows, but I keep wondering – am I too early for this reversal?

E-Mini S&P (ES):

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E-Mini Keys to Success:

• Buyers have control as price trades sideways just below the all-time highs.
• We assume this market is treading water ahead of tonight’s TSLA earnings release
• Buyers are waiting for either a deep pullback to allow them to buy low, or a bull breakout to give them the proof they need to make a run up to 4200.

Best Trades for Tomorrow: 

• [UP] – 123-breakout to buy (or) nested failure to sell
• [DOWN] – seller failure to buy (or) 123-Reversal to sell
• [SIDEWAYS] – stay patient, wait for a pullback off the highs.

E-Mini Nasdaq (NQ):

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Nasdaq Keys to Success:

• The day began in a range, but buyers got their 123-breakout just below lunch and slowly pushed up to the 14,000 round number where it appears they’re going to develop into a new range overnight ahead of earnings.
• Buyers would love to buy a pullback to the low of the larger channel, but they need to beware trying to buy breakouts into the all-time highs.

Best Trades for Tomorrow:

• [UP] – 123-breakout to buy (or) nested failure to sell
• [DOWN] – seller failure to buy (or) 123-Reversal to sell
• [SIDEWAYS] – sit on hands, wait to buy seller failures below the range.

Gold Futures (GC):

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Gold Keys to Success:

• We spent most of the day trading inside a range, but the strong shot lower, combined with the rotation off the lows of the range give the buyers an edge over momentum.
• Buyers will try to hold this momentum for a major reversal going back to last week’s highs.
• Sellers need to hold the ‘pendulum swing’ resistance level for a return back to the range again.