OCTOBER 06, 2023 — FRIDAY AM
The ES, NQ, and YM are trading within narrow ranges ahead of the NFP Report, which could trigger a breakout move ahead. The YM has developed a narrow 2-day digestive range, which means a major breakout move could be seen today. Given the bearish trend, watch yHI for signs of rejection, which could lead to a bearish outside day down. Crude Oil remains quite weak, and has now dropped back below the 84 market structure edge, which could lead to a return to 77.50 below. Gold may need a bit more downside into 1800 before a rejection develops.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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