PivotBoss Pre-Mkt Report 08.14.2017
PivotBoss Pre-Market Analysis for August 14, 2017, including key ranges and levels to watch for the upcoming day and week of trading.
Major Rejection Below CLVN in Crude Oil
Crude Oil prices dipped briefly below the volume ledge in the composite profile at 48.68 and experienced a sharp rejection of prices on large volume. This rejection implies a move back to 49.71, with a shot at reaching 50.36 by the end of the day, and 52 by the end of the week. Failure to hold above 48.80 opens up a retest of lows.
Bullish OTF Swing Absorption Signature Forming in Crude Oil
Bullish OTF Swing Absorption Signature Forming in Crude Oil
ES Hits Expansion Target Fueled by Trapped Sellers
Sellers became trapped below the previous week’s low price of 1982, which fueled the move higher. The initial impulse move of the short squeeze created a key range from 1974 to 2004.25, which forecasted a 100% expansion target at 2034.50. Expansion through the top of the range at 2004.25 was defended on the retest at 2007, which fueled the move to the 100% expansion target at 2034.50.
Bears Defend the Previous Close for 40 Points
The previous session’s Close price went offered as soon as trading reopened after hours, which was the first clue that Bears would defend it upon a retest the next morning. Bears did indeed defend 4094, which sparked a sell-off into 4055 for a 40-handle move! Late bulls became trapped, which triggered sell stops into MCVPOC at 4058, and within 7 ticks of 4053.25, which the bulls defended for a 30-point rally.