AUGUST 18, 2021 — WEDNESDAY AM
The ES and NQ continue to trade below yMID, which could be indicative of more downside in the near term. However, the NQ remains within its developing 20-day trading range, which continues to build energy for a forthcoming move. Failure to get above 4450 could suggests more short term weakness in the ES. Crude Oil may need another flush ahead before it can find some strength, and Gold remains on a path higher toward 1835, especially if a retest of 1760 holds.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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