May 19, 2020 — TUESDAY 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 showing initial signs of rejection at the previous session’s highs, which could trigger a fade opportunity back to the previous day’s midpoint — a trade I call the Fade After Trend Day. Bulls will look to defend any pullback for a shot at continuing the trend higher, but 3000 and 9400 resistance looms above. Crude Oil has pulled back after yesterday’s rally, which offers a buy the dip opportunity for a continuation to 35. Gold put in a strong rejection at 1765 and could be headed back to the bottom of the trade range soon.
Cheers!
— Frank Ochoa
Author, Secrets of a Pivot Boss