November 13, 2019 — WEDNESDAY AM
The ES, NQ, and CL remain within very narrow 8-day trading ranges ahead of Fed Chair Powell’s 2-day testimony, which begins today. These markets continue to trend higher, and with the ES and NQ both testing the 8PEMA from above, we could see another rally ahead. Failed new lows are also developing today, which suggests more upside for the day. Gold could bounce from these levels, but a failure to hold 1440 could send things much lower.
Cheers!
— Frank Ochoa
Author, Secrets of a Pivot Boss