AUGUST 17, 2023 — THURSDAY AM
Bears defended morning strength in the ES, NQ, and YM in the prior session, which led to new lows by the end of the day, as the market continues to trend down. Similar to Wednesday, bears will look to defend into morning strength for another round of weakness ahead, especially until a strong low occurs. Bears will also look to defend last year’s closing price upon a retest from below in Crude Oil, as further weakness could push prices back into the mid to low 70s. Gold continues on a path to 1900.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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