FEBRUARY 29, 2024 — THURSDAY AM
The ES, NQ, and YM continue to trade within super narrow ranges over the last five sessions, and are now knocking on the door to support. Failure at 5060 in the ES, 17,800 in the NQ, and 38,800 in the YM could trigger some selling pressure ahead. Will the market make a move today, or wait for the first trading day of March to begin expansion? Bears are looking to sell into morning strength in Crude Oil between 78.80 and 79 for a shot at an inverted checkmark day down, with a target zone of about 77 for the day. Gold is remains stuck to the 2040 magnet, but has now developed a narrow 8-day range, which could fuel a breakout move of about 60+ points soon.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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