February 25, 2021 — THURSDAY AM
The ES and NQ held their respective rejection day midpoints during Wednesday’s trading, which led to strength the rest of the session. We are now seeing a morning fade of yesterday’s strength, which could lead to another round of strength later today. Bulls needs to trap between 3890 and 3900 for a move higher the rest of the session, while NQ bulls want to keep 13150 bid. Overall, Tuesday’s rejection days remain intact and suggest more upside ahead. Crude Oil continues to see strength toward 65, and any pullback as deep as 62.50 could offer another buying opportunity ahead. Gold remains within a clearly bearish trend since the beginning of the year, which may put pressure on the 1760 support level soon.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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