JUNE 21, 2022 — TUESDAY AM
The ES and NQ are both over-extended to the downside over the last two weeks, and could see short term strength soon, especially if prices can take out the previous week’s midpoints. Above 3760 opens up wHI at 3875 in the ES, and above 11,445 opens up wHI at 11800 in the NQ. Keep in mind, any strength is likely to be considered short term, as bears will look to sell the rips. Crude Oil may have given up the 115 market structure level, which could open up 95s below. BTC and ETH saw cash prices drop over the weekend, but futures remain within narrow ranges. While a modest bounce could be seen ahead, there’s still more downside ahead.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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