SEPTEMBER 30, 2021 — THURSDAY AM
The ES and NQ have pulled back from pre-market highs and are currently trading below their respective midpoints for the day. The ES may be developed a bearish FNH, which could turn into an outside day down if yMID is taken out at 4361.50. We may see additional weakness heading into the new quarter, with a shot to trap below qLO and return price to qMID and qHI by EOY. Crude Oil continues to see a failure to hold above 75s, which could return price to the Sep FOMC key level of 71.95, or even into the key range midpoint of 70.27. Any pullback in Gold during the first part of Oct could lead to a selling opportunity into the 1675 target.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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