OCTOBER 04, 2023 — WEDNESDAY AM
The ES, NQ, and YM have developed pre-market strong lows, which could help further today’s Fade After Trend Day idea, whereby price retraces back to yMID after a heavy day of selling pressure. While these lows look good from an intraday perspective, they are still not strong lows from a swing basis, however. While a push back toward yMID may occur, expect bears to defend into strength today, as the short term trend remains highly bearish. Crude Oil is still trying to find a swing low for a return within the expanding range. Gold has a 2-day narrow range. Bears will watch yHI for a shot at 1800 below.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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