February 24, 2021 — WEDNESDAY AM
The ES and NQ each developed strong lows in the previous session and currently overnight lows are holding at the midpoints of yesterday’s range, which suggests strength over the next 1-5 days, and perhaps over the next 1-2 weeks. However, any close below the rejection day midpoint could break this pattern should it occur anytime in the next couple of days. Bulls need to keep 3850 and 13k bid in the ES and NQ, respectively. Crude Oil remains bullish and is currently trading within an inside day, with a shot to reach 65 soon. Any pullback into 60 could still offer a buying opportunity for further strength ahead. Gold remains within a bearish PEMA trigger zone, but remains above the major 1760 support level, which remains a major market structure level.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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