MAY 19, 2021 — WEDNESDAY AM
The ES and NQ are both trading lower in pre-market trading, as each market has taken out last week’s midpoint and are now en route to testing last week’s low price (wLO). The ES has a major CLVN at 4000, which is below the newly created key range low. This zone could provide a tremendous buy opportunity from both a swing perspective, but also a longer term timeframe, as well. The NQ may still be headed lower, with the Dec FOMC key level below. Crude Oil is still trading within the developing trading range. Look for an eventual breakout from this range, with upside targets still between 68 and 70. Gold remains on a path higher, but any pullback to between 1840-50 could provide a bounce opportunity to new swing highs.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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