FEBRUARY 06, 2024 — TUESDAY AM
The markets are trading within very narrow pre-market ranges ahead of the RTH open, which have mostly developed inside the prior day’s ranges. With a lack of econ data today, we could see mostly range-bound action, with an upward bias. FOMC Members Mester and Kashkari speak later today at 11am CT and 12pm CT, respectively, which could provide some volatility later in the day. Overall, these markets remain quite bullish, and any pullbacks continue to be defended by bulls. Crude Oil saw a bounce off last year’s closing price, but can it climb back above 74s and the previous month’s midpoint for additional strength above? Gold is seeing strong short term selling pressure, which could push prices back toward 2000.
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
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