Our Pre-Market Reports offer reliable multiple timeframe analysis, and are used to set the game plan for the upcoming trading day, complete with trade ideas and forecasted targets.
The ES and NQ are showing initial signs of weakness this morning, each of these markets have turned down from their previous session highs, which could mean more near-term selling pressure. As they say, however, “Never short a dull market” as we head into the teeth of the holiday-shortened week of trading. Crude Oil appears headed even lower, and Bitcoin has hit fresh lows.
The ES and NQ each developed decent lows in the previous session and rallied into the close, setting the stage for a potential near-term bounce again…one that could lead to a retest of the Nov 8th FOMC Key Levels over the next week or two. Crude Oil is testing two-day highs, which may lead to another massive failure if bears keep control. Is the Bitcoin flush over? I don’t think so. Here are the levels we’ll focus on during the morning session of the PivotBoss Trading Room.
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.
