September 22, 2020 — TUESDAY AM
The ES and NQ both tested previous week’s lows and previous month’s lows in the yesterday, and both ended the day above each of those levels. The NQ came away with more of a rejection day, but it is still important for bulls to defend the 10800-10850 zone for a short term move back to 11500. Failure to hold 10800 could open up much more weakness ahead. The ES is trading in 300-point moves, and is currently sitting atop the previous key range, which suggests another move is coming. Watch last week’s midpoint in Crude Oil at 39.27, and Gold may head higher within the range if 1900 holds.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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