Homework and TradeSheet for Wednesday June 5th

DAX had  range expansion up and made it back to its daily EMA – SPs will try and follow  suit.  Momentum shifted to the upside at least for Wednesday with new momo highs on the 60 and 120  minute charts.  However, for Wednesday  Short any further rally up for a reaction down.  Indexes are on pinball sells and will gap higher giving a chance to trade back down towards PDH. Any early midday selloff will still set up a buying opportunity.  Do not buy afternoon weakness.

GC – exit longs on further up – consolidation to the intraday EMAs will still set up buy opportunities in the next 1-2 days.  Same with Silver – downside is limited.

Copper – on pinball Sell.

British Pound – Pinball Sell

CL – wait for poke above 5 SMA…marginal trading for now.

US – Buy morning flush below the 5 SMA for 1 day trade only.

Grains – in balancing mode.

8:15 A.M. EST USD ADP Non-Farm Employment Change

9:45 A.M. EST FOMC Member Clarida Speaks

10:00 A.M. EST ISM Non-Manufacturing PMI & FOMC Member Bowman Speaks

10:30 A.M. EST Crude Oil Inventories

2:00 P.M. EST Beige Book