February 03, 2020 — MONDAY AM
The ES has developed a higher value with a change of bias pivot range relationship, which tends to suggest more of a pullback ahead. If price cannot get back above 3260, we could see a return to the previous month’s lows. Crude Oil has reached new lows and has already bounced nicely from the 50.50 support level, reaching lows of 50.42. This could lead to a push back toward 54 quickly, followed by a push toward 57s or higher in the coming weeks and months. Gold remains mostly range-bound, with an upward bias.
Cheers!
— Frank Ochoa
Author, Secrets of a Pivot Boss