SEPTEMBER 20, 2021 — MONDAY AM
The ES is already trading below mLO after closing below mMID Friday afternoon, as the market has endured a steady sell-off since the market reopened Sunday evening. This is the major flush event that we’ve been expecting in the ES and NQ. Further weakness is likely until a significant rejection occurs. Once rejection occurs, perhaps Tuesday, we could see a strong finish to the week. Until then, avoid fading a falling knife. Crude Oil is retesting from 70 from above for a shot into 74s ahead. Gold may see a retest of 1768 today, and could be headed higher if it can close above 1765 for the day.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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