FEBRUARY 01, 2024 — THURSDAY AM
The ES, NQ, and YM each saw weakness after Wednesday’s FOMC statement and rate decision (see levels below), and could see additional weakness ahead if strong morning highs are seen. The NQ saw the least amount of selling pressure, as it may develop a bit of a “wait and see” approach to this afternoon’s earnings from $AAPL, $AMZN, and $META. Should strong morning highs develop, look for inverted check mark movement down for the day. The monthly midpoint will be very important early in the month, as a failure here opens up more weakness below. Crude Oil remains bullish overall, and could see a bullish month with 10 points of potential movement. Gold remains stuck in the center of its range, with 2070 offering quite a bit of resistance.
FOMC Key Levels for JAN 31, 2024: ES 4913.50, NQ 17384.75, CL 75.88, GC 2064.7, RTY 1996.8, YM 38606, ZB 122’14, $DXY 103.223, BTC 43815, ETH 2343.5
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Frank Ochoa
Author, Secrets of a Pivot Boss
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