OCTOBER 13, 2022 — THURSDAY AM
Inflation data was released prior to the RTH open this morning, which had an immediate impact on prices, as the ES and NQ both went bearish outside day within 1 min of the release of the data. We could see further selling pressure ahead, both on a 1-day basis and on a 3-day basis. Use today’s high as pivot to forecast ADR targets from. Shy of a rejection at lows, we may see a further continuation toward the key range targets below.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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