NOVEMBER 07, 2023 — TUESDAY AM
The ES, NQ, and YM are trading within developing 2-day narrow ranges, which is likely to be the case throughout the session. Look for potential outside days in both directions, as we see a wider 2-day range develop ahead of Fed Chair Powell’s comments Wed and Thurs. Crude Oil has broken down through the bottom of the 5-day narrow range, and could be headed to 77s and 74s ahead, especially if the bears can close price below 80 today. Gold has a big test ahead at 1960.
FOMC Key Levels for NOV 01, 2023: ES 4230, NQ 14605.75, CL 81.06, GC 1986.7, RTY 1661.7, YM 33206, ZB 110’10, $DXY 106.976, 6B 1.2117, 6E 1.0553, BTC 34910, ETH 1829.5
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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