July 10, 2019 — WEDNESDAY AM
NOTE: This will be my last pre-market video for the week, and I’ll return to my normal schedule next Wednesday, July 17.
The ES and NQ are trading within narrow 7-day ranges ahead of Fed Chair Powell’s testimony over the next two days, which the market will be watching very closely for clues about the Fed Interest Rate decisions to come. A breakout from these narrow ranges could fuel the next key directional move ahead. Crude Oil saw afterhours strength Tuesday afternoon after a larger than expected draw from the API report, which could foreshadow a draw for Wednesday’s inventories report. This strength could push price back to 60 and perhaps higher into the 63 zone. Gold remains range-bound above the 1375 CLVN, with suggests more strength ahead. Look to continue to fade the edges between 1375 and 1440 until proven otherwise. Here are the levels we’ll focus on during the morning session of the PivotBoss Trading Room.
This video also includes: E-Mini S&P 500, E-Mini Nasdaq 100, Crude Oil, and Gold.
Cheers!
— Frank Ochoa
Author, Secrets of a Pivot Boss