September 09, 2020 — WEDNESDAY AM
The ES and NQ have rallied off the overnight lows and are currently trading above both yLO and wLO, which is modestly bullish. However, after yesterday’s selling pressure, are these pullbacks going to be defended by eager bearish looking to trap late bulls for another round of weakness? It depends on how strong those overnight lows are, and if ES and NQ bulls can keep wLO defended. Otherwise, failure to hold above wLO opens up another big wave of weakness ahead. Crude Oil may see short term strength above 37, which is the pivot to watch for the day. Gold may be headed back toward 1990-2000 after reaching our 1910 target zone. However, Gold remains range-bound with an upward bias until proven otherwise.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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