DECEMBER 13, 2021 — MONDAY AM
The ES and NQ are trading within narrow range ahead of the RTH open, with the ES at 22% of ADR and the NQ at 23%. This, of course, is ahead of Wednesday FOMC Statement and Rate Decision. We’ll get another FOMC key level for the markets we trade. Watch th box that has formed above wHI in the ES, as a failure to hold above this level could open up wMID ahead. Crude Oil is trading within a narrow 5-day range, and could see expansion ahead, perhaps to our 75.52 target. Gold is also trading within a narrow range to start the year, which has now grown to 9 days. Eventually, an 80-point+ move could be seen. Until then, look to avoid the chop.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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