Despite the recent run of weakness, the NQ remains within a major bull market, and pullbacks of this magnitude start becoming buying opportunities for new highs down the road. The first major buying opportunity could be seen very soon, but more selling pressure will likely be seen first.
So far, the first 10 sessions of December for Crude Oil have been exactly as we scripted for our Premium Members! Crude Oil began the month with a bounce into the weekly pivot range, where bears absorbed demand and took price offered into our key targets at 61.86 and 58.04 – an 11-point move overall! [WITH FREE LESSON]
I am truly grateful for everything in my life, and a large part of that is due to YOU. We’ve had a fantastic year so far, and 2014 is serving as a perfect stepping stone for what’s coming your way from PivotBoss in 2015! [with VIDEO]
Continue to watch the 76.57 key level in Crude Oil. Bears want to defend this level for a shot at running sell stops below 74s, and into expansion targets at 72.68 and 69.30. Bulls want to defend 74 for shot at squeezing bears through 76.57 and into 79.85.
The recent 3-day range in the NQ is just 35.50 points, which is 63% of its average 3-day range of 56.25. As I’ve mentioned before, anytime price trades in a range that is less than 65% of its average range, the probability for expansion increases. The key range to watch is 4191.50 to 4227, with a midpoint at 4209.25.
