MARCH 06, 2024 — WEDNESDAY AM
After a risk off session on Tuesday, the ES, NQ, and YM have bounced back ahead of the RTH open, with all eyes on Fed Chair Powell’s testimony today at 9am CT, and again Thursday. While the uptrending structures remain intact, bears may look to sell into morning strength for additional weakness ahead. Watch 38,800 as a key level for bears to target in the YM, and 18,120 in the NQ. Crude Oil remains back within its narrow range after failing to break through 80. While this market continues to be held down, it may be only a matter of time before true expansion is seen. Gold finished at a new all-time closing higher Tuesday, but failed to reach the 2152 all-time print high. Look for Gold to test the edge soon, but will expansion occur, or will we see a return within the large key range below?
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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