Sep 21, 2018 — FRIDAY AM: The ES and YM each rallied to new highs after a strong 3-day squeeze. While the NQ rallied yesterday, it has lagged significantly. Crude Oil may be on the verge of a short squeeze, and Bitcoin holds the 6000 level, but may see a break of it soon if renewed strength is not seen. Here are the levels we’re watching in the PivotBoss Trading Room.
The ES is sitting at a new high for the year, and has the potential to ride the strength of the YM and headed much higher. However, bulls need to keep 2920 bid. The NQ is certainly lagging, but is building energy at the bottom edge of a bullish channel…and could explode higher any day now. Crude Oil may be on the verge of a significant 1-2 day sell-off after rejecting 71s again. Look for further weakness below 71 back toward 69 to 69.30. Also, Bitcoin continues to hold 6000 and may see a modest rally soon. Here are the levels we’re watching in the PivotBoss Trading Room.
While the NQ has lagged somewhat, each index appears poised to squeeze to new highs over the next one to two weeks. However, bulls will need to defend the early pullback this morning to get the party started. Crude Oil and Gold are about as tightly compressed as you’ll see, which suggests a major breakout opportunity is coming soon. Avoid the chop within these ranges until expansion occurs. Here are the levels we’re watching in the PivotBoss Trading Room.
The ES and YM appear in a position to rally, while the NQ and RTY have seen the brunt of the pullback recently. With the YM compressing significantly on a 10-day range basis, we could be looking at significant expansion ahead — to the tune of a potential breakout range of about 1200 points. Here are the levels we’re watching in the PivotBoss Trading Room.
The ES and NQ have both pulled back modestly from recent highs, but remain within their respective uptrending channels. While more sideways may be seen, further overall strength is likely on a swing basis, unless key market structure levels are violated. Crude Oil continues to develop within a large compression, which suggests major expansion ahead. And keep an eye on Gold, as bulls are doing everything they can to keep the 1190 level bid. But will they succeed? Here are the levels we’re watching in the PivotBoss Trading Room.
