November 24, 2020 — TUESDAY AM
The ES has pushed back above the 3587 key level and is now holding within a tight range above 3600. Can the ES remain above 3587? If so, more upward-trending price action could be seen over the next few trading sessions. Failure to hold above 3587 would lead to a rejection of these prices, and a likely lower high, which could be near-term bearish. The NQ remains within a very narrow 9-day trading range, and also remains within the 200-point range from 11800-12000, which are the levels to watch in the near term. Crude Oil is approaching the top of the major market structure at 44, which could lead to a return to 40 below – unless a transition to new market structure occurs through 44. Gold stops came out below 1860, and now price is testing the important 1800 level, in addition to the 200-day moving average. Watch for a bear trap down here for a return to 1875 down the road.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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