FEBRUARY 02, 2024 — FRIDAY AM
The markets are reacting to the pre-market NFP report with selling pressure, as a Fade After Trend Day develops. Look for a short term rotation back toward yMID, with a shot to trade back down the previous day’s range if yMID is taken out. Overall, the ES, NQ, and YM remain within narrow ranges above previous market structure, which could begin to develop a head-and-shoulders style pattern ahead. Crude Oil has sold off tremendously the last 5 sessions, and can’t quite seem to find a strong low. Avoid fading into this weakness unless a strong low develops first. Gold continues to find resistance in the 2070 to 2080 zone and remains mostly range-bound.
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
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
PIVOTBOSS LINKS:
Trading Room: https://pivotboss.echofin.com
PivotBoss: https://pivotboss.com/
PivotBoss Masters: https://pivotbossmasters.com/
Merchandise: https://pivotboss.com/merchandise
FOLLOW ME HERE:
YouTube: https://youtube.com/pivotbosstv
Twitter: https://twitter.com/pivotboss