Today’s session pretty much is in the bag and I don’t see much chance of seeing a resolution here before Monday at the earliest. However I couldn’t care less as we literally have kick ass setups growing out of the woodworks tonight. So let’s get to it!
As you know we walk the walk here at Evil Speculator. I’ve been doing this for almost five years and counting and you’ve watched me do what I do on a daily basis. You can’t fake the mojo in this game – either you’re packing a consistent edge or your audience is going to leave for greener pastures. In that spirit let’s dispense with the platitudes and instead do what we do best:
Alright – as I said, we have a TON of setups tonight but all of them are entries which will only be valid starting Sunday night – hence the title of this post. I will list them with minimal commentary as everything you need to know is on the chart.
The spoos keep everyone guessing but fortunately the entry range is now compressing. We’ve got an RTV Buy and inside day entry starting Sunday night. Triggers on the chart.
Ditto on the NQ
Inside day setup on the EUR/USD – gets more interesting below the 1.3231 NLSL.
Gold kissing its 25-day SMA and will most likely in an RTV buy and inside day configuration on Sunday night.
Quite a bit more looming below for my intrepid subs – please step into my lair:
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Let’s face it – you haven’t been watching your diet over the holidays and those jeans are starting to get a bit tight around the belt line. Don’t despair – Dr. Mole is here to help – we’re going to get that muffin top back into shape for spring in no time. In addition to a rigorous tea bag lifting routine I am also prescribing you a nutritious diet starting with today’s stock symbol salad. Go ahead – dig in!
Let’s start with the E-Mini which has been scaring the children a little in the past two days. However most notably it dropped all the way to its daily NLSL and then bounced back. Great first test and that means we should remain long until we see a breach of 1,491.25. Easy peasy lemon squeezy – but no sugar on top, alright?
CCJ – very interesting configuration. It’s been bumping into resistance near 22 in the past two weeks plus there was a quick visit of the 25-hour which snapped right back. I would love to be long on a breach of that diagonal.
CVX – Chevron near its daily NLSL plus there’s activity near its 100-hour SMA. Great inflection point.
DRYS – our long near that neckline got stopped out but now we have a bit more context. I am currently still in neutral but will shift into first gear if we get another breach of the neckline. And back into reverse if that 100-day SMA is being taken out.
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ICE – great inside day setup near daily resistance (i.e. the upper 100-hour BB line). I would take either breach.
Maco-donardo (that never gets old) – also inside day near possible upside resistance (less pronounced).
PFE – inside day breach in progress! Currently short with a stop above today’s highs.
Exxon Mobil – descending into possible support – two SMAs ought to present somewhat of a hurdle, right? I’m long with a stop below the white line. Short on a breach of the 25-day SMA.
You may not be aware of this but the stakes are extremely high right now. Equities are literally sitting on the last bastion of support and unless we see a bounce here things are about to get ugly – really ugly. That’s right – I’m talking hell’s bells ugly!
And yes, there is method to my madness. As I don’t want to post my volume profile chart for the third time in a row let me paint the overall picture across several timeframes:
I hope your browser is resilient as this is going to be a regular chartalanche. If you pulled this post on a mobile phone then my condolences for zapping your bandwidth limit. Let’s start with the E-Mini: In today’s early morning briefing I highlighted the 25-hour SMA and thus far it has been holding up famously – so far so good and that keeps us in the game. On the daily panel we busted a net-line sell level (NLSL) yesterday and are also below the 100-hour SMA. Possible target would be the 1320 range, unless…
… unless of course the 25-week SMA holds up. As it’s already Friday tomorrow (time really with all those red candles) this should get interesting.
Bear in mind that our bearish P&F price objective on the SPX is pretty close to being fulfilled. As I’m typing this we’re trading at around 1385. The implications of a continuation lower here can not be understated. If we don’t hold here (and stick to our P&F PO) then we are triggering a weekly sell signal at the SMA. We’d also be below the daily volume profile hole (see my previous posts) and there’s quite a bit of participation that could lead us lower.
A quick house cleaning item – AAPL is now at our final target. Actually it was yesterday already but it kind of slipped my mind. As it’s now outside the 100-day BB we want to be out. If you missed both entries then please go outside and kick a tree. I’m not ready to be long here yet, but give me a day or two, in particular if we see an attempt to paint a floor.
Gold – at the 25-hour SMA – I want to be short here but will flip it for a long if we bust above 1730.
Crude – inside day setup plus it’s a narrow range 4 day. If you are a noob (or first time visitor) then please consult the cheat sheet for more details on how to trade those. Frankly, it’s so easy – a caveman could do it.
Another inside day on copper – same game. Bear in mind that these levels may change by the time we close today. Use the closing boundaries, not what you see on this chart.
And now for something completely different – stocks symbols! I’m seeing a lot of setups today and thought I’d indulge. GOOG – right at the 100-day SMA. Looks a bit like AAPL two weeks ago. Doesn’t mean it’ll drop into the abyss but right now I’m short with a stop above the SMA. If she pulls back up I’d be long after 667. Better hurry, this one is on the move.
Here’s the CME which is now trigger a short as it breached a NLSL and it should be golden once it drops below the SMA.
BG – right at its daily NLSL. Good chance it’ll hold and I want to be long here with a stop below.
CELG – now touching support. I want to be long with a stop below. Willing to flip if we make it through 71.
ISRG – also touching support. I want to be long until we breach through the NLS and the 25-day SMA. After that it’s a short trade.
Potential last kiss goodbye (LKGB) on LMT – I’m short with a stop above 91.
Pfizer – support seems to be holding and I’m sitting on a tiny long position (it’s a bit gappy for me).
Potash – possible support there. I’m still waiting for another candle tomorrow but we may get a bounce attempt here.
Exxon dropping below the 100-day support line – couldn’t happen to a nicer company, right? 😉
Finally some good ole’ FX! That’s our bread and butter after all. EUR/AUD sitting right at the Maginot Line. I very much like what I’m seeing on the hourly panel. So I’m short with a stop above the 25-hour SMA. Hoping for a breach of the 100-day and continuation lower. Yes, I’ll flip it if we bust above the 25-hour. You guys know the game by now.
Inside day on EUR/CAD – you know what to do.
Last but not least – USD/CAD – again touching resistance. I am short but would be long after par, which is obviously a psychological resistance level. Great setup here – dont’ miss it!
This ought to keep you guys busy for a while 😉
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