JUNE 05, 2023 — MONDAY AM
The ES, NQ, and YM are each trading around 25% of ADR heading into the RTH open. These narrow ranges follow Friday’s major rallies, and could be mostly digestive early today ahead of economic data. Watch wMID in the ES, as a failure to close above this level this week could be very bearish. Crude Oil has gapped up and rallied after news of a supply cut coming out of Saudi Arabia, which opens the door to strength back toward 76-77, 80, and 84 above. Gold may continue downward, but needs to push through 1940 first.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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