MARCH 07, 2024 — THURSDAY AM
The ES, NQ, and YM each saw very strong reversals at yLO at 2am CT, which is right at the London open, and have rallied strongly ever since. Each market is approaching yHI, but could remain within the boundaries of recent trading, as the market awaits Day 2 of Fed Chair Powell testimony. These morning pivot lows will be important to watch down the road in case of a failure. Crude Oil failed on its breakout attempt again Wednesday, and is stuck below 80 this morning. Gold is trading at new all-time highs and above the 2152 key range high. Will this market be able to push higher still, or will it fall back within the 2080 to 2150 zone to trade within this empty space in the profile? Watch 2150 closely.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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