MAY 05, 2021 — WEDNESDAY AM
The ES is testing major overhead resistance at 4180, which is the key pivot to watch today. Bears will try to keep it offered for a shot at further weakness. The NQ needs back above 13700 in order to push higher. Failure to get back above this level could open up new lows ahead. Crude Oil remains very bullish after Monday’s bullish FNL. Look for CL to push into the key range high of 67.98 and perhaps higher into 70 ahead. Gold remains bullish, and continues to hold above the 1750 level, which suggests more upside ahead. Keep an eye on mCL, as bulls are keeping it bid.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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