January 15, 2021 — FRIDAY AM
The ES and NQ have pulled back modestly in pre-market trading and are currently testing the rising PEMA trigger zone, which is a zone that could offer a bullish reversal soon. The ES remains within a developing narrow trading range, which is building energy for a breakout soon. Failure to hold 3760 and 12800 could lead to more weakness ahead, however. Crude Oil remains extremely bullish and every pullback, even as deep as 50, could offer a buying opportunity for more upside ahead. Gold is still trying to lock in the week’s low, and could lead to a return to 1889 ahead. Failure to hold above 1835 could trigger more weakness to mLO.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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