JULY 21, 2021 — WEDNESDAY AM
The ES and NQ each rallied tremendously in the previous session, which suggests today may be a pullback and/or digestive trading day, as the market digests the recent rally. A FNL tomorrow could trigger a significant continuation to the upside. Crude Oil has developed a strong low and is likely headed to 70.27, which is the midpoint of the recent impulse selloff. Reaching this level will give us a new key range. Gold developed a bearish FNH in the previous session, and is now testing the major 1790 key level. Failure to hold this level on a daily closing basis could open up new lows ahead. Bulls need to keep this level bid for further trading range action between 1790 and 1835.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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