August 12, 2019 — MONDAY AM
The ES and NQ have opened at or below Friday’s midpoint, which is typically a sign of weakness to come. Overnight rallies were used as an opportunity to sell higher, and could forecast more downside ahead. Keep an eye on 2900 in the ES and 7600 in the NQ for signs of additional selling pressure ahead. Crude Oil is holding above Friday’s midpoint after bouncing off it in pre-market trading, which suggests more upside ahead. If price can get above 55, we could see a move toward 57s in short order. Gold futures continues to hold below the 1525 key level, but may have more upside ahead. Any pullback may be a buying opportunity, even a pullback as deep as 1460. 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