November 18, 2020 — WEDNESDAY AM
The ES and NQ both remain within steady uptrends, but are currently trading within narrow ranges as volatility drops ahead of the Thanksgiving holiday in the US next week. Seasonality suggests more upside over the next week of trading. Watch 3580 for signs of failure in the ES. Crude Oil has moved through 42s and is trying to hold above intraday VWAP. Crude is bumping up against major overhead resistance at 44 and needs above this level from a longer term perspective. Gold bulls continue to hold the 1860 level, but will they tap out, thus triggering downside sell stops?
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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