AUGUST 16, 2023 — WEDNESDAY AM
The ES, NQ, and YM have each developed narrow overnight and pre-market ranges ahead of the RTH open, and are currently sitting at, or below, wLO. The overnight highs will be important in case of strength later in the day, but bears will be looking to defend into strength for another rotation down. Continue to watch 80.50 in Crude Oil, and Gold remains on a path to 1900. Pre-market economic data points are still ahead, in addition to FOMC Meeting Mins later this afternoon, which could provide additional volatility.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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