AUGUST 20, 2021 — FRIDAY AM
The ES and NQ developed strong lows in the previous session, which means the 4-day pullback may be done and over with. If so, bulls will be looking to defend morning weakness for a shot at strength later in the day, and perhaps into the next 1 to 3 weeks. ES and NQ bulls need to keep yMID bid for a shot at strength into the close. Crude Oil continues on a path lower after breaking through qMID at 66. This break opens the door to 58 below. Gold has developed a very narrow 5-day range at highs. A bullish FNL could trigger a move to 1835, so long as 1760 continues to hold.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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