AUGUST 09, 2021 — MONDAY AM
The ES and NQ continue to trade within their respective narrow 2-week trading ranges, and continue to maintain an overall bullish bias. Both markets have seen early rejections of yLO, and could be headed for a test at yHI. We’re still looking for a confirmed breakout from these narrow ranges, which could trigger 1-3 weeks of increased volatility. Crude Oil is down over 3% today, and came just shy of reaching its key range low. A rejection of this low could lead to a bounce back toward 70.27 ahead, which is the midpoint of the key range. Gold experienced a flash crash Sunday evening, which led to a move to the next lowest market structure level of 1675. A bounce into 1757.7 will lead to the development of a new key range.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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