December 14, 2020 — MONDAY AM
The ES has developed an Inside Value relationship with the weekly pivot range and is currently above wMid of 3667, which suggests more upside toward wHI at 3714. Failure to hold 3667 will lead to a failure of this idea. The NQ is testing its previous week’s midpoint of 12446. Above this level will also squeeze to last week’s high price of 12675. Crude Oil continue to remain bullish after breaking through the top of the narrow 10-day range. More upside could be seen toward 49-50 if price can remain above 46s. Gold bulls are still trying to keep 1825 bid for a shot at retesting 1880. Failure to hold 1820 could lead to a big failure and a return to the month’s lows.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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