FEBRUARY 28, 2024 — WEDNESDAY AM
Will GDP be enough to trigger a breakout from the recent 3-day narrow ranges in the ES and NQ? If so, do we finally break to the downside? Watch yLO early in the session, as a failure here could finally trigger a pullback day for the market. Otherwise, a failure to break yLO likely leads to a fourth session of compression. Crude Oil is testing the upper end of its 12-day developing narrow trading range, but really needs a big breakout through 79 in order to trigger expansion. Anything shy of this and we could see a return back down within the range. Gold is developing a bullish FNL, and could see an outside day today, with an intraday target into the 2050s.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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