August 03, 2020 — MONDAY AM
NOTE: I will be out of the office for much of the week, so this is the final pre-market video until Friday morning (August 07, 2020).
The ES and NQ finished the previous month near the month’s highs after continuing to see strength off the PEMA trigger zone. Overall, the market remains bullish, but we are coming into a month were we tend to see weakness on a seasonal basis, so watch the previous month’s high and close prices for signs of early strength or rejection this week. Any pullback could still offer a buying opportunity ahead. Crude Oil is holding within a 2-day narrow range, and could see a retest of the FOMC key level at 41.26 soon. Gold remains very strong, but is due for a rest/digestive phase.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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