JANUARY 04, 2023 — WEDNESDAY AM
Monday’s session set the early edges for the week in the ES, NQ, and YM, which are currently within the developing narrow multi-week trading range. Expect further range-bound action, as the market awaits FOMC Meeting mins today, Initial Jobless Claims Thursday, and NFP Report on Friday. Eventually, this narrow range could fuel a solid breakout, but likely to the downside. Crude Oil is showing early weakness, which could lead to a test at last year’s low price, while Gold is headed strongly higher to begin the new year.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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