NOVEMBER 01, 2023 — WEDNESDAY AM
The ES, NQ, and YM are trading within narrow ranges ahead of today’s FOMC Statement and Rate Decision. Fed Chair Powell will also speak at the press conference that follows, which means we could see compression heading into the afternoon and volatility late in the day. The ES and NQ have developed 4-5 day narrow ranges, which could lead to the next breakout move ahead. The YM has shown some early rejection of prices below 32800, which could open up a return to 33800 above. Crude Oil bulls want to keep 81.51 bid for a return to 88.27. Gold remains range-bound between 1960 and 2020.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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