November 23, 2020 — MONDAY AM
The ES and NQ are trading within narrow developing 10-day trading ranges. The NQ has an 8-day trading range that registers just 29% of ADR, which is super narrow. Overall, further range-bound action is likely to occur, with an upward bias, heading into this week’s holiday-shortened week. Continue to watch 3587 and 12k as key overhead pivots for the ES and NQ. Crude Oil is testing prices above 43s again, but is showing initial signs of a developing a higher high failure. If price fails to hold above 43s, we may see a return to 40 below. Gold bulls continue to defend 1860, but downside sell stops may trigger a move to 1818 and 1800.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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