AUGUST 26, 2021 — THURSDAY AM
The ES and NQ are both developing very narrow 3-day ranges, likely in anticipation of Friday’s speech by Fed Chair Powell. Look to avoid the chop, and look to fade the edges with an upward bias, until proven otherwise. Overall, further strength is likely to be seen. Crude Oil has developed a narrow inside day range after recent strength. Watch 67.98 for early signs of failure or acceptance moving forward. Gold is currently on the pullback phase, and needs to hold 1760 for a shot at 1835 above.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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