JULY 26, 2023 — WEDNESDAY AM
The Fed is on deck today, which could provide volatility later in the day once the statement and rate decision are released. We’ll get ourselves another FOMC key level to use in the days and weeks ahead. The ES, NQ, and YM remain quite strong, and pullbacks will remain buying opportunities until proven otherwise. The ES has developed a narrow 8-day range, which forecasts a breakout move of 140 to 180 points ahead. Crude Oil remains on a path to 80.50 and 83.50. Gold looks to be returning to the previous high of 1990 in the very short term.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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