AUGUST 16, 2022 — TUESDAY AM
The ES is trading just 24% of ADR, while the NQ is trading at just 21%, as the market trades within super narrow price ranges ahead of the RTH Open. The short term trend remains bullish, so any morning weakness could offer an opportunity to buy the dip ahead of late-day strength. A deeper pullback into the bullish PEMA trigger zone below could even offer a buying opportunity for a shot at 4360 above. Crude Oil needs to stay above 87, or 75 could be next. BTC needs above 25,300 to get into the next highest market structure, while ETH continues to outperform.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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