MARCH 14, 2024 — THURSDAY AM
Pre-market econ data has been released for PPI, Initial Jobless Claims, and Retail Sales, which have led to initial weakness after the report. However, the ES and YM both remain near yHI, which is the level to watch for early signs of rejection. A bearish FNH could lead to a modest outside day down for these market. NQ bears are keeping 18,400 to 18,430 offered initially, which could lead to a return to the 18,130 zone below. Crude Oil bulls are currently trying to keep prices above yHI, but a box has developed. A failure to hold the 80.20 level could lead to a fade back toward yMID at 78.75. Gold remains range-bound between 2150 to 2200. Failure to hold 2150 could open up a bit more of a pullback ahead.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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