JANUARY 22, 2024 — MONDAY AM
The ES, NQ, and YM are each trading within narrow ranges above last week’s highs, which have developed above the narrow multi-week compressions. Bulls will look to defend early pullbacks this week for a shot at further expansion. However, any failure to hold the edge could lead to another rotation within the multi-week ranges below. Crude Oil continues to build energy, and today’s developing FNL could open up a move to yHI, with a shot at bullish expansion ahead. Gold remains within the key range, and is trending lower toward 2000 this week.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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