OCTOBER 16, 2023 — MONDAY AM
The ES, NQ, CL, GC, and YM are all trading within narrow ranges ahead of the RTH open, as the market awaits a Fed-focused week, with Beige book and Fed Chair Powell on deck later in the week. Bulls will be look to force another strong low for a shot a higher highs, and need to keep the quarterly close bid. The narrow range in the YM could trigger the next 1000 to 1200 point breakout move. Gold exploded back above 1900, and is now back within the 1900 to 2000 market structure. Friday’s strength in Crude Oil likely takes price back to the top of the current market structure between 94 and 95.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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