FEBRUARY 16, 2024 — FRIDAY AM
The ES, NQ, YM, and GC are each seeing an early bearish reaction to the release of PPI data. Given this week’s bullish trend, bulls will look to defend into morning weakness for another shot at bullish checkmark days highs. Avoid fading into this weakness, however, until a strong low develops. Crude Oil is stuck between two pivot extremes, and could trade within the center of this range throughout the day. Overall, Crude is developing a large rounded bottom that could eventually break to the upside through 80. Until then, it remains stuck in the range. Gold bulls want to keep prices above 2000 for a return to 2040 next week.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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