November 20, 2020 — FRIDAY AM
The ES is testing the major 3580 level from below, and remains below the key range high of 3587, which remains the major pivot to watch in the medium term. A rejection of this zone from below could open up the key range midpoint at 3397.50. The ES and NQ have both developed very narrow trading ranges over the last week of trading. The NQ has a narrow 7-day range, which is forecasting a big move ahead. But we may see this range develop into a 10-day range before any significant breakout occurs. Crude Oil has also developed a narrow 7-day range, and continues to test the important 42 level. Gold is barely hanging on to 1860, and a downside stop run may be ahead, with downside targets at 1818 and 1800.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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