January 08, 2021 — FRIDAY AM
The ES and NQ remain bullish overall, but may be due a pullback before the next move higher occurs. Pullbacks continue to be buying opportunities, unless proven otherwise. A failure to hold 3650 in the ES and 12465 in the NQ will suggests a larger sell-off. Until then, the market remains strong. Crude Oil continues to remain strong, and has broken through the top of a narrow trading range, which could trigger a trend day scenario. Gold is now below 1900 and is selling off sharply into major support at 1874. Bulls need to keep 1860-1870 bid, or a retest of the recent low may occur.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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