January 12, 2021 — TUESDAY AM
The ES and NQ are both trading just 33% of ADR heading into the RTH open, which is extremely narrow price action. The ES has developed a double inside day, as of right now, as well. While the market remain bullish, we may need to see a shakeout leg before the next upside continuation is seen. Any pullback may still offer buying opportunities within the existing bull trend. Crude Oil remains strong, but may be at a cycle high, which means a pullback may be seen before another rally toward 55-56 occurs. Gold may have developed a strong low yday. If so, we could see a return to the impulse midpoint of 1889.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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