SEPTEMBER 08, 2021 — WEDNESDAY AM
The ES pulled back in overnight trading and took out wLO before rallying back above yLO ahead of the RTH open. This developing FNL is bullish, and could lead to a return to wMID and wCL ahead. Failure to hold yLO could open up more weakness ahead. The NQ remains within a developing 6-day narrow range, and a breakout could eventually trigger a move of about 600 points. Crude Oil remains within a narrow trading range, and also remains below the 70 key level. Continue to watch the upper trend line in Crude. Gold is holding within a narrow range below wLO, and could see further downside expansion ahead if bulls cannot reclaim 1805 soon.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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