MARCH 9, 2021 — TUESDAY AM
The ES and NQ have both seen early strength heading into the RTH open, but will this early strength be met with another round of selling pressure? The NQ has been very heavy, especially with stocks like $AAPL having trouble putting a rally together. Any failure to get above 3875 in the ES and 12800 in the NQ could lead to another round of selling pressure ahead, especially given the bearish PEMA trigger zone that has developed in the NQ. Crude Oil saw a major rejection at the market structure edge above 66s during Monday’s trading, which could trigger a near-term pullback ahead. Crude Oil bears will look to sell 66s for a return to 63s ahead, and a shot to see 59s. Gold is bouncing, but is approaching a mature bearish PEMA trigger zone, which could lead to another round of selling pressure ahead.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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