MARCH 01, 2024 — FRIDAY AM
The ES, NQ, and YM have developed higher value relationships from a monthly pivot range perspective, which means an early pullback to the month could continue to be met with a “buy-the-dip” mentality until proven otherwise. Failure at mMID would finally open up a more meaningful pullback in these markets. Crude Oil is seeing its first real attempt at an upside breakout from its large rounded bottom accumulation pattern and through the top of its 12-day narrow range. Will today become a transition day? If so, it needs over $3 of range and needs to finish well over the 81 level, which could finally trigger a major continuation of 8 to 10 points. Gold is now working its way toward 2080 after breaking away from the 2040 magnet.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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