AUGUST 09, 2023 — WEDNESDAY AM
The ES, NQ, and YM have developed clear multi-day trading ranges ahead of Thursday’s pre-market CPI and Initial Jobless Claims data, which could trigger a breakout ahead. For now, we may see back and forth action within these ranges, with a shot for expansion to end the week. Bulls are trying to keep wLO bid for a shot at retesting recent highs in the days ahead. Otherwise, a failure to hold market structure support will open up lower levels below. Crude Oil continues to test the major edge at 83.52, and now watch for signs of rejection.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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