MAY 21, 2021 — FRIDAY AM
The ES and NQ are trading within very narrow ranges ahead of the RTH open today, with the NQ trading just 19% of ADR. If there’s a failure to hold above yCL, we may begin to see a bearish FNH develop, with downside targets at yMID. Overall, the market remains bullish, but we could see more back and forth chop before a confirmed continuation higher is seen. Crude Oil may be headed to the midpoint of the recent impulse selloff, which targets 64.29. Gold remains highly bullish, and any pullback to 1840-50 could offer a buying opportunity for a continuation to 1900+.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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