December 15, 2020 — TUESDAY AM
The ES developed a FNH in the previous session, as price rejected levels above 3667 and closed back below this level by the end of the day. This type of behavior tends to lead to more weakness ahead, similar to what happened back in mid-October. While the ES remains within a bullish trend, if the ES cannot get back above 3670, we could see near-term weakness ahead. The NQ remains bullish and is above the bullish PEMA trigger zone and remains bullish for now, but watch yHI for early signs of rejection. Crude Oil bounced off the 46 level and appears poised for more upside to 49-50, and Gold is above 1850 and could be headed for a retest of 1880 above – especially if it continues to hold above 1820.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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