July 08, 2020 — WEDNESDAY AM
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The ES and NQ are retesting key levels from below after yesterday afternoon’s decline. If the ES cannot reclaim prices above 3158, and above 10600 in the NQ, we could see a short term retracement ahead, which could still offer a buying opportunity down the road. The market remains extremely bullish still, so any weakness should be considered short term until key market structure levels are violated. Crude Oil has developed a narrow 5-day range, which suggests a breakout move of about 5 points could be ahead. Gold remains on a path to 1831, and perhaps toward 1860 based on monthly ADR target levels.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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