JANUARY 31, 2024 — WEDNESDAY AM
The ES, NQ, and YM are trading within narrow ranges ahead of the RTH open and ahead of the FOMC statement and rate decision later this afternoon at 1pm CT. Expect further range-bound action early in the day, followed by increased volatility in the last two hours of the day. Each of these markets have developed higher value relationships heading into February, which suggests another buy the dip opportunity next month – until proven otherwise. Crude Oil bulls want to keep prices above 77 for a checkmark day higher today. Gold continues to see resistance at 2070, and remains mostly range-bound between 2000 and 2070.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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