December 03, 2020 — THURSDAY AM
MONTLY OUTLOOK RECORDING: Thank you for joining me for our Monthly Outlook! Use the following link to watch the recording: https://www.youtube.com/watch?v=A4498Ype8t4
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The ES and NQ have developed very narrow trading ranges heading into today’s RTH Open. These narrow ranges (37% and 23% of ADR, respectively) have developed at the top of yesterday’s range, which could become a bull trap. In this scenario, we may see a bearish outside day develop in both the ES and NQ, with downside targets at yLO in each case. Keep in mind, this market remains extremely bullish, so any pullback may still become a buying opportunity, and any push through 3670 and 12500 could trigger a bullish price discovery phase. Crude continues to hold 44 and may be poised to reach 48 soon. Gold bulls continue to keep price above 1800, and price remains on track to see 1875.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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