August 27, 2020 — THURSDAY AM
The ES and NQ are trading within extremely narrow trading ranges ahead of the RTH open, with the ES at 37% of ADR and the NQ at 27%. Overall, the market remains bullish, but bulls need to keep prices above yMid. A Failed New Low is developing in Crude Oil, as 43s continue to hold firm. This may lead to a rally back toward recent highs, or perhaps higher. Gold developed a bullish outside reversal pattern in the previous session, which could finally push price back toward 2020.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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