OCTOBER 17, 2023 — TUESDAY AM
The ES, NQ, and YM have developed narrow ranges ahead of Retail Sales and Core Retail Sales this morning, and are currently seeing weakness from yCL. An open below yMID could trigger bearish MGR signals in the market at the RTH open. These markets are still within narrow multi-day trading ranges, which could lead to big breakouts soon. Crude Oil bulls are defending yLO for a shot at a bullish outside day up, and a continuation higher after Friday’s strength. Gold bulls are using the same playbook.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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