FEBRUARY 21, 2024 — WEDNESDAY AM
The ES, NQ, and YM are showing modest overnight and premarket weakness, and bulls are looking for a strong morning low to push prices the other way. Watch yLO for signs of rejection, which could lead to a return to yMID and yHI in the best case scenario. Failure to hold yLo could extend recent selling pressure another day. Overall, these markets continue to remain within their respective bullish frameworks, with buy-the-dips still in effect until proven otherwise. But a strong low is needed first. Crude Oil is trying to recapture yLO, which could open up yMID and yHI above. Gold is still trading at the center of its range at 2040.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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