OCTOBER 05, 2023 — THURSDAY AM
The ES, NQ, YM, and Gold are each trading within super narrow ranges ahead of the RTH open. Given the short term bearish downtrend, bears will be looking to defend yHI for another round of weakness ahead. The NQ is the strongest of the bunch, while the YM remains the weakest. The NQ may see a continuation to wHI above, but watch this level for rejection. Crude Oil sold off into the 82s and is now trying to recover 84. A strong low today could lead to a return to 89 above. Gold is developing a narrow 3-day range, which could lead to a 45-55 point move ahead.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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