December 11, 2020 — FRIDAY AM
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The ES is currently trading below wMid of 3645, which could open the door to more weakness to wLO at 3592 if price cannot reestablish acceptance back above 3645s soon. Overall, the current 3-day pullback bodes well for a swing buy-the-dip opportunity ahead, but the ES needs to form a strong rejection first. The NQ has developed a much strong rejection, and could be headed higher, especially if price can eventually rally back through 12450. Crude Oil got a breakout from the narrow 10-day range in the previous session, and today’s pullback could offer another buying opportunity for a continuation higher toward 49-50. Gold has developed a 60min buy signal and is developing a bullish FNL, which could lead prices higher for another test at 1880 above. Gold bulls need to keep 1825 bid.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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