MAY 17, 2022 — TUESDAY AM
The ES is currently trading above yHI, which is the key pivot to watch early in the session. A failure to hold above yHI could trigger the development of a bearish FNH and a potential outside day down. The ES and NQ are both trading within the bearish PEMA trigger zone, as well, which offers an opportunity for bears to sell the rip ahead of new lows ahead. Fed Chair Powell speaks later this afternoon at 1pm CT, so all eyes will be on him, with potential headline risk later today. Crude Oil has hit the upper end of its trading range between 115 and 116, and could see a return to the FOMC key level below at 107.85. BTC and ETH are both holding above significant support levels – 25000 and 1700, respectively, and appear to be in a holding pattern ahead of Fed Chair Powell later this afternoon.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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