MAY 12, 2021 — WEDNESDAY AM
Core CPI data was released this morning and showed its fastest increase since 2008, which triggered an immediate shakeout in the futures market. The ES, NQ, and GC each sold off hard, but reversed strongly, as well. The ES is holding above the 4087 mMID, which remains the key support level to watch. The NQ remains at mLO and just above the important 13k support level. Crude Oil appears poised to test 67.98 down the road, and Gold remains on a path toward 1850 and 1875.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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