JULY 12, 2023 — WEDNESDAY AM
The ES, NQ, and YM have rallied in pre-market trading after the release of CPI data, which pushed prices to, and thru, the previous week’s highs. This completes our initial idea of a potential bullish outside week this week, but more upside could still be seen ahead. How does the market finish the session, though? A big rejection by the end of the day could turn the tide. Crude Oil has reached the top of the trading range at 75, and we’ll now be watching for signs of transition or failure. Gold is having trouble going down, and is now testing mMID.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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