OCTOBER 06, 2021 — WEDNESDAY AM
MONTHLY OUTLOOK RECORDING: If you missed our Monthly Outlook, or want to re-watch it, please find the link below. We covered higher timeframe market structure in the NQ, CL, and Nat Gas, and also talked stock ideas heading into the end of the year. Enjoy: https://www.youtube.com/watch?v=lVfuzj_ZECg
The ES continues to trade within an “up-a-day, down-a-day” trading range, which spans from 4260 to 4360 and has developed within the overall downtrending structure of the last 5 weeks. The NQ looks similar, and any rejection of the top of the trading range could trigger a additional weakness through qLO below. The ES and NQ need to recover mMID by the end of the month to change the bias of this trend. Crude Oil needs above 80 by the end of the week for a transition into the next highest market structure – 80 to 110. Any rejection of these prices by end of the week could trigger a return to 70. Gold remains on a path higher, as bulls want to keep 1740 bid, with targets at 1780, 1800, and 1840.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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