JULY 14, 2021 — WEDNESDAY AM
The ES, NQ, CL, and Gold have shown strength early in pre-market action ahead of Fed Chair Powell’s testimony later today at 11am CT, and again tomorrow at 8:30am CT. His comments could trigger an increase in volatility ahead, although the markets continue to point higher. Pullback remain buying opportunities. Crude Oil is up against major market structure resistance, and acceptance above 76s could lead to a move to 80 to 83, and perhaps higher. Otherwise, 64.50 may be ahead if acceptance can’t be found above 76. Gold remains bullish and on a path to 1863, and perhaps 1875 ahead.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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