May 14, 2020 — THURSDAY AM
NOTE: Thank you very much for joining me for our Monthly Market Outlook webinar, which we hosted FREE in our PivotBoss Echofin Trading Room. To view the recording, log in to our trading room at https://pivotboss.echofin.co and view the PivotBossTV video playlist. You can also visit https://pivotboss.com here: https://pivotboss.com/2020/05/04/pivotboss-monthly-outlook-may-04-2020-talking-shak-tdoc-and-ww/
The ES and NQ are sitting on important short term support levels, which puts these markets on the brink of a big break or rejection. A break down could extend losses into 2700 for the ES and 8500 for the NQ. However, given the overall trend of the market, it’s hard not to buy the dips on a pullback of any magnitude. Crude Oil remains within a very narrow 8-day range, which forecasts a breakout of about 10 handles. Gold continues to build toward a squeeze.
Cheers!
— Frank Ochoa
Author, Secrets of a Pivot Boss