“Bulls want to defend pullbacks for a shot at upside expansion through 4058 and into 4118 and higher.” – NQ bulls defended a retest of 4043 in overnight trading and successfully squeezed the bears through 4058 and within 2 ticks of 4100. Look for further strength into 4118 and 4148 ahead, unless bears are able to defend 4100s and return price to the monthly pivot range at 4058.
The ES and NQ are holding within two-day ranges after Tuesday’s rally. Watch the boundaries of these ranges for potential expansion ahead, but look to fade the extremes of the range until acceptance outside the range is seen. Crude Oil appears headed for another round of selling ahead, especially if the bulls cannot reclaim 81.57.
So far, the NQ has traded 255.25 points of range in the month of October, which puts it at 123% of average monthly range, with more than half of the month still left to trade. This is exactly what you would expect after the month of contraction that was seen in September, but more downside could be seen ahead, especially after the bears took 3878 offered during recent trading.
This is what’s so special about PivotBoss Premium – it’s simple, and accurate. Check out the two pre-market playbooks that I provided our Premium Members for the EMini NQ and EMini ES this morning an hour before the market opened…
Hang out with PivotBoss as he provides his outlook for the futures market for the month of October! We’ll cover the E-Mini S&P 500, E-Mini NASDAQ 100, Crude Oil, and Gold!
