NOVEMBER 16, 2023 — THURSDAY AM
The ES, NQ, and YM have developed narrow 2-day ranges ahead of early pre-market data today. Will this digestion lead to expansion ahead? Watch 4500 in the ES, as a failure here could lead to a return to the breakout point from CPI day. Overall, the bullish trend remains intact in the YM, but keep an eye on 34,800 in case of failure. The NQ has the best rejection day location at the quarterly high, so watch 15,800 for signs of weakness. Crude Oil bears remain in control through the first week of December.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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