SEPTEMBER 28, 2023 — THURSDAY AM
The ES, NQ, and YM are trading within narrow ranges ahead of pre-market econ data, including GDP and Initial Jobless Claims, which could introduce early volatility to the market. Watch yHI closely, as bears will look to reject new highs within the current downtrending market. Given the overnight compression, expansion from these ranges could also be in play. Crude Oil reached our 94 target after a huge breakout day in the prior session. We are now seeing early signs of rejection, which could lead to a return back toward 88, and maybe even 84, ahead. Gold is now below 1900, and a failure of this level could ultimately lead to a return to 1800 below.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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