The ES and NQ remain weak, but I’m watching for signs of a potential snap-back reversal ahead. First, we need another serviceable low to work off of…and the market is still searching. Crude Oil may finally bounce…and I give my target should the bounce occur. Also, Bitcoin has finally flushed, as I warned would happen weeks ago. How much lower do we go? 4,400 might be in the cards.
The ES, NQ, and YM have all pulled back from recent highs and are still trying to find support. Continue to watch 2700 in the ES as a pivot. Crude Oil has reached 55, which is a major market structure level. This level must hold, or 49 and 40 could be next. Heating Oil may have also found support and could be due a bounce. Here are the levels we’ll focus on during the morning session of the PivotBoss Trading Room.
The ES, NQ, and RTY the dropped the last few sessions, but have yet to find a strong support level. Instead, these markets have been mostly choppy and uneasy, as it continues to search for support. Crude Oil remains extremely bearish, and continue to watch the 140 level in ZB for signs of a change of bias. Here are the levels we’ll focus on during the morning session of the PivotBoss Trading Room.
The ES and NQ moved modestly higher in overnight trading, but bears have defended the move, creating resistance where there was once support. This may mean more near-term selling pressure ahead, and a swing buying opportunity may begin to present itself. Watch the previous high in Crude Oil. A rejection here could mean more selling pressure. Here are the levels we’ll focus on during the morning session of the PivotBoss Trading Room.
The ES and NQ have pulled back in overnight trading and are currently testing previous session lows, which is a zone to watch for signs of rejection today. Failure to reclaim these levels could lead to more selling pressure heading into the weekend, while holding the low may ultimately spark another rally ahead. Crude Oil drops below 60 and finds a strong intraday low, but more downside on a swing basis may still be ahead. Gold continues to build out, as does Bitcoin, which continue to build toward expansion opportunities down the road. Here are the levels we’ll focus on during the morning session of the PivotBoss Trading Room.
