November 02, 2020 — MONDAY AM
The ES and NQ have begun the month with overnight and pre-market strength, but are approaching overhead resistance in the form of the monthly pivot range, which typically offers bears an opportunity to defend ahead of a push to new lows. Look for this pattern to play out for a shot at retesting last month’s lows ahead. Crude Oil has developed a very strong low after major selling pressure pushed prices below 34s for the first time in months. Responsive buyers stepped in to defend, leaving behind a strong tail, which could lead to a return to the midpoint of the recent impulse selloff. But can CL stay above 35 into the close? Gold remains mostly range-bound, with a downward bias until it can climb above 1900, and especially 1950.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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