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Today’s Newsletter: • Markets Today: Crude Oil pushes lower, Mini-Russell tries to go higher and collapses, Gold jumps higher • News for Tomorrow: China overnight, Europe and US in the morning • Trading Opportunities: Selling Crude Oil, Mini-Russell, and Gold ======================================= Misc: • The situation in Europe is getting attention this week, economic news keeps going lower, and fears of another recession (along with the USD) go higher • Russia bans US & EU Imports, rest of the world ‘laughs’ • All eyes on Middle East, Russia, and Europe (did we get it all?) • Very light news session on Friday, adding to concerns of low volume • Summer-Friday = low volume and short trading session on Friday Gold: • Long-term Direction Bias = SHORT • Short-term Directional Bias = LONG • Fundamentals: pushing higher on tensions in Middle East & Russia • Daily Chart: pushes higher, above the 200 moving-average • Anchor Chart: testing overhead sell-zone @ 1315.0 • Still looking for selling opportunities at these highs • Price needs to pull-back to the 200ema before I consider buying Gold • I am listening to geo-political news closely at this time to see if buying is warranted without the pullback. Crude Oil: • Long-Term Direction Bias = SHORT • Short-Term Directional Bias = SHORT • Fundamentals: Euro weakness means dollar strength, which means Crude Oil weakness… even while violence increases in the Middle East • Daily Chart: testing support zone at the lows of the bullish price channel • 32-Anchor Chart: lower-lows and lower-highs, sluggish around $97.00 today • 16-Anchor Chart: profit-taking pushes price higher, directly into sell-zone overhead at 97.68 and 97.77 • Profit-targets below @ 96.45, 96.01, and 95.42 Mini-Russell: • Long-term Direction Bias = SHORT • Short-term Direction Bias = SHORT • Fundamentals: Europe expected to re-enter recession as more economic news disappoints, drags down US equities in the short-term • Daily Chart: sideways-trading-range below the 200 moving-average (1129.1) and above the buy-zone at 1103.3 • 32-Anchor Chart: buyers tried (again) and failed (again) at the highs • 16-Anchor Chart: new lower-lows, below key moving-averages, and looking to get SHORT • Profit-targets below @ 1112.4, 1110.0, 1108.9, 1103.1, 1098.1
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