FEBRUARY 08, 2024 — THURSDAY AM
The ES, NQ, and YM are trading within narrow overnight and premarket ranges after pushing to new highs in the previous session. ES bulls want to keep 4995-5000 bid on a retest from above for a shot at a checkmark continuation higher, especially with the breakout from the 3-day range, which forecasts 5070-5100 above. Failure at 5000 could open up a return to the range below, with weekly VWAP lying in wait. The YM has developed a narrow 8-day range, which has 1200 points of potential energy built up. Can it find a breakout opportunity soon? Crude Oil has recovered the 74 level and could see a big test at 76 ahead. Gold is working its way through 2040, which could lead to a return to 2000 below.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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