Hefeweizen Time!

The E-Mini finally found a buyer but got refused access at the ole’ volume hole. It’s been pretty quiet here, so let’s make this a quick one:

That was an awesome reversal to be frank – once again the volume profile chart serves us well.

As you can see we are back at the 25-hour SMA – boy that was fast! IF (and only IF) we drop below that SMA again then I will deem it to be my patriotic duty to scale back into a few short positions.

Gold is hitting its first serious hurdle since it bounced at the 100-day SMA last week. If it can now overcome the 25-day then we should be golden (pun intended) for a push toward 1780. If you took the long setup last week then I suggest you hold. The 25-hour SMA is a pretty good way to gauge momentum here – ideally it will hold but it’s not unreasonable to assume we’ll perform a retest of the 25-day SMA before we push higher.

AUD/JPY – our closest FX correlation to what’s happening in equities. After testing the 25-day (and almost the 100-day right below) it’s now also pushing back the 25-hour SMA on the left panel (just like the spoos earlier today). As I’m writing this we are above the daily NLSL that was triggered overnight. Seems bullish and if it holds on Sunday then we should be heading toward 83.2.

That’s all I have to offer for today. Frankly I feel a bit wiped as I have been extremely prolific over the past few weeks. The Mole needs some serious R&R and I wouldn’t mind to spread around some of those ill-gotten gains. For the record: I’m really proud of you guys. You have been doing very well all through this sell off. Some of you guys have advanced to the next level (spoiler alert: there are zombies on the next one), and it took a lot of preparation, hard work, and of course discipline. So, let’s keep that up, folks! No matter what the tape throws at us next! 😉

Now let me crack open a cold one and enjoy the fruits of my labor. See you on Sunday!

Cheers,