MAY 16, 2023 — TUESDAY AM
The ES remains at the center of a developing 7-day range, which has developed at the center of the 6-week trading range. Patience is key to avoid the chop at the center of the range, but a move to an edge is likely coming soon, which could provide a solid fade opportunity. The NQ and YM are going in opposite directions, while the ES remains flat. The ES and YM are currently Inside Day. Crude Oil bulls are trying to keep 70 bid for a shot at return to the 76-77 zone above, and Gold continues to quietly work lower toward 1980 support.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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