Daily Writeup

Good afternoon DTP members!

Wednesday, July 7th, 2016

With positive job's reports this morning, everything looked set up to finally push through that 2100 value on the SPX and go sailing on to new highs. But it seems like there's always a bit of a grey on the silver lining. Crude APIs shook things up a little and investors showed their true colors in the end, and that seems to be uncertainty!

SPX

http://i.imgur.com/P0msmmk.jpg

Despite the big sell off as a result of shakey energy fundamentals, we still caught that support pretty well which shows that investors, while a bit worried, are still confident enough to take us to resistance. There's nothing particularly scary about the sell off today, seems to me like a healthy retrace. So I'm still buying the dip!

DTP Bias: Long
Criteria: Retrace and strong support bounce
DTP's Play: Long off support, possible entry @ 2100, caution at 2109.

CL

We've been drifting down gently on this resistance after the post-brexit recovery rally started to die down, but today really demonstrated the caution of investors in this climate. A lower than expected crude draw in todays API caused the loss of about 350 points. This is a pretty unprecidented move, even for an API. This shows just how many investors had their finger on the "sell" trigger and really shows us what attitudes are out there. Before this, I would have been short off these shallow resistance, now I am definitely short in the mid term, looking towards the 30's in the coming weeks.

DTP Bias: Short
Criteria: Resistance leading, huge sell off.
DTP's Play: Potentially long scalp on lower support, most likely wait for new resistance

Gold

http://i.imgur.com/kJvtYxE.png?1
Well the last time I did a write up, I said that the direction of this wedge breakout would determine the next few days of movement. Unsurprisingly, we broke out to the upside and have rallied since. Congratz to everyone who bought the breakout! However, we seem to be losing our rally support now which puts us now to resistance leading.
DTP Bias: Short
Criteria: Support break, no new high formed.
DTP's Play: Short entry @ ~1364
Thanks for reading everyone!

As most of you know, I'm away at the moment so I'm not trading too much, but still keeping up to date with market. If you've got any question, feel free to DM me or any of the DTP team and we will always get back to you ASAP.

Enjoy the rest of your evening everyone and I'll speak to you all in chat!

Best regards,

DTP_Fraser
Senior Mentor

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