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Trading Homework For Trade-date Wednesday July 31st 2019

Commentary

  • Silver and gold still inside ranges. Silver closed at the top of its range so maybe it gets a breakout after the fed stuff.
  • Copper – feels like a trap was just sprung. Probably just China – US relations news related.
  • Bonds – Triangle
  • Corn and Beans – both at critical levels (key pivots). Corn feels very weak so might break down. Beans seem stronger so might hold.
  • Hogs – 5 SMA buy pattern still in play.
  • Crude – This broke out of a hourly triangle so bias is up for now. So play the long side for intraday scalps.
  • Natural Gas – At critical level. Slight long bias here.
  • Heating Oil – seems to have broke up from a small daily triangle.
  • Equities (ES, EMD, NQ, YM) – sideways line. Though, YM looks more like a bull flag since its not moving to the top of its flag or range
  • FDAX – broke down today. Yikes. z-day with short bias.
  • EC – 2 day rally now testing the breakdown level. Move to new yearly lows is a short with stop at Tuesday’s high.
  • CD – bias is long but have had two days up in a down-trend.
  • BP – poised for extended run – short all rallies.
  • NE1 – oversold in uptrend and still on a 5 SMA buy
  • PL – 5 SMA Buy (feels like a sloppy market though)
  • PA – back to lower end of range so maybe long trade?
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