SEPTEMBER 03, 2021 — FRIDAY AM
MARKET OUTLOOK RECORDING: In this edition of the Monthly Outlook, we discuss September seasonality for the ES, CL, and NQ, and also discuss the higher value relationships that have developed. We talk industry groups, including EV Vehicles, and stocks, including $AAPL, $TSLA, and $CPNG. Use the following link to watch the recording: https://www.youtube.com/watch?v=i7bYHmzKxZs
The ES and NQ each developed strong tops after the release of the NFP report this morning, which then triggered selling pressure initially. While some volatility has been seen already, it is still expected that the ES and NQ will remain mostly within their narrow ranges as we head into a holiday-extended weekend. Still, an pullback into the monthly pivot range over the next several days could provide a great buying opportunity for late-month strength. Crude Oil has hit our target of 70.27 and is now at the top of the major channel, which is a major decision point. Gold nearly hit our 1835-40 target zone this morning, getting as high as 1832s. Once this target zone is hit, we may see Gold turn back down within the current market structure.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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