May 01, 2020 — FRIDAY AM
NOTE: I will be hosting a Monthly Market Outlook on Monday, May 4, 2020 at 4:00pm CT in the PivotBoss Echofin Trading Room. Sign up and join us for FREE at https://pivotboss.echofin.co. I will be discussing futures, stocks, and looking back at our April picks. I hope to see you Monday!
The ES and NQ have pushed lower in overnight and pre-market trading, but are now inside the bullish PEMA trigger zone in the daily timeframe, which could be another buy-the-dip opportunity for another push higher. If price can close above the 8-period PEMA, it could mean strength for the next 1-5 days. July Crude Oil is hitting the monthly pivot range from below to start the month, which may mean another round of selling pressure. And Gold is now below the 1704.3 key level, which could mean more weakness down to 1640 if 1675 can’t hold.
Cheers!
— Frank Ochoa
Author, Secrets of a Pivot Boss: http://pivotboss.com/secrets-of-a-pivot-boss/