Trading Homework for Trade-date Tuesday September 17th 2019

There were large gaps in the energies on Monday due to attacks on Saudi Arabia’s oil production infrastructure. Crude futures gapped up almost 7.00 per barrel and rallied another 2+.

Equities gapped down but had little follow through. Gold and silver gapped up with little follow-through as well but holding gains.

I expect lots of back-and-forth in prices over the next couple of days as the market absorbs these large moves.

Commentary

  • GC: Starting to feel like another period of extended consolidation.
  • SI: Oversold – up movement or extended consolidation now?
  • HG: Bull trap.
  • ZB: Oversold – likely starting to enter a period of extended consolidation.
  • ZC: Approaching overbought zones on oscillators
  • ZS: Stalling out right under weekly BO levels. If it moves above these levels, could have a large multi-week move.
  • CL: Upside breakout on news.
  • HO: Upside breakout on news.
  • EMD: Railroad tracks just under resistance levels.
  • ES/NQ/YM: Consolidation just under resistance levels.
  • EC: Short scalps intraday only.
  • CD: Retesting its breakout levels.
  • BP: weekly grail sale.
  • RU: At resistance – short?
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