Author: PivotBoss

The ES, NQ, and RTY have all rallied sharply following Tuesday’s Election, and are currently trading within narrow ranges ahead of this afternoon’s FOMC Statement and Fed Interest Rate Decision. Given the strength of the move so far, a major year-end rally may be developing. Crude Oil remains extremely bearish, and Gold may be range-bound again. Here are the levels we’ll focus on during the morning session of the PivotBoss Trading Room.

Nov 07, 2018 — WEDNESDAY AM: The ES and NQ are trading higher post-Election, but are pushing into clear market structure resistance, which will be very important to watch moving forward. Crude Oil remains highly bearish, but could see a major bounce if bulls can reclaim the 63.41 level. Gold and Bitcoin are very tightly coiled and are working toward breakouts down the road.

TODAY IS ELECTION DAY…GO VOTE! The ES and NQ are holding within narrow ranges for the day and for the last few days, as the market awaits the #ElectionDay results. Crude Oil remains below the 63.41 support level and remains bearish, but the tide could change soon. Gold has developed a very powerful accumulation pattern that could deliver a big punch down the road…keep an eye on 1240. And Bonds continue to be bearish, but the prior pivot high in ZB may be the key to strength down the road.

The ES, NQ, and YM have all developed bearish rejection days after Friday’s trading, which suggests more downside price action ahead. However, with another FOMC Meeting scheduled for Thursday afternoon, the markets could be range-bound ahead of the event, which could fuel a breakout in either direction. Crude Oil is trading at the best spot for eager bulls to look for opportunities, and Gold may be due for a major squeeze ahead.

The ES, NQ, and YM are all up in pre-market trading, but are facing headwinds ahead. Given the strength of the squeeze, any pullback could now be seen a solid buying opportunity that could lead to much more strength ahead. Crude Oil remains bearish, but has finally taken out the major key range low, which may ultimately lead to a bounce opportunity. Here are the levels we’ll focus on during the morning session of the PivotBoss Trading Room.