JULY 27, 2021 — TUESDAY AM
The ES and NQ have developed very narrow 2-day trading ranges ahead of Wednesday’s FOMC Statement and Rate Decision. Expect further range-bound action, with an upward bias. The pattern lately has been for a pullback to occur in the days after the new FOMC key level is created, which can then lead to a buy-the-dip opportunity to new highs. We’ll see if this pattern plays out again. Crude Oil remains above 70, which opens the door to a move to the top of the new key range. Gold continues to hold the 1790 key level, and is showing strong rejection this morning, which could trigger a push to the top of the narrow multi-day range.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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