MAY 01, 2023 — MONDAY AM
The ES, NQ, and YM are each trading just shy of wHI/mHI after finishing last week on highs. Each market has developed a narrow range heading into the RTH open, and the first test of wHI could be very telling. Any rejection would target wMID/mMID below. Crude Oil remains within a bearish trend, with a shot at returning to the March FOMC key level at 70.43. Gold has developed a narrow 11-day trading range, and may be developing a bearish H&S.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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