FEBRUARY 22, 2024 — THURSDAY AM
$NVDA lifted all boats late Wednesday afternoon and during pre-market trading ahead of today’s RTH open. The ES is already trading at 104% of ADR and the NQ is at 95%. Will we see more range stacked on top of recent strength, or do we see a bit of digestion and backfill? This will depend on wHI, especially in the ES. A push through wHI opens up a 1-5 day continuation higher for these markets. Crude Oil is seeing a “down-a-day” move within the developing 9-day narrow trading range. Look for a potential test at 77 below. Overall, this range is building energy for a major breakout move that could be upwards of 8 points. Gold remains stuck at 2040, and could see a 2030 test at some point today. The YM remains stuck within a 1 month range that is 1000 points wide, but it could make a move for 40000 soon.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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