DECMEBER 01, 2023 — FRIDAY AM
The market is awaiting Fed Chair Powell this morning, which could bring headline risk and volatility beginning at 10am CT. We have new monthly pivots for the month of December, and they’re super wide, which suggests range-bound trading this morning. Watch mHI/MCL for signs of rejection early this month, which could lead to a reversal back within range. The YM is above 35,800, which could become a trap for bulls. Crude Oil is still poised for 68-70, and Gold continues to teeter near the top.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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