JUNE 17, 2022 — FRIDAY AM
The ES and NQ sold off tremendously during Thursday’s trading, mirroring the selling pressure seen the day after May’s FOMC Statement and Rate Decision. After such weakness, the market will tend to see digestion and range-bound action. This possibility also increases on Quad Witching Friday, which is today. Look for range-bound chop for equity futures, but also for the markets to maintain a downward bias until proven otherwise. Crude Oil developed a strong low Thursday, and if bulls can keep 113 bid we could see a rally back toward the 123s. If price can hit 117.06, we get ourselves a new key range to work with, as well. BTC and ETH remain very bearish, and likely have much more downside ahead.
FOMC Key Levels for JUNE 15, 2022: ES 3785.50, NQ 11571.5, CL 117.41, GC 1822.7, RTY 1733.8, YM 30587, ZB 132’15, $DXY 105.333, 6B 1.2117, 6E 1.04725, BTC 21050, ETH 1106
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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