DECEMBER 07, 2023 — THURSDAY AM
The ES and NQ 3-week narrow ranges are about as compressed as it gets. We have yet to see expansion, which may occur on NFP data Friday. Without expansion, we may continue to see price trade back and forth within the developing ranges. The YM has developed a super narrow 5-day range, and has yet to see real weakness. Is one more move to the 36,800 edge needed? Gold has a 3-day narrow range that could help fuel the return to yearly VWAP below at 1950. Crude Oil has hit our major downside targets for the quarter, and could begin a seasonal counter-trend move soon.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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