MARCH 19, 2024 — TUESDAY AM
After Monday’s strength, the ES, NQ, and YM are seeing a Turnaround Tuesday back down within yesterday’s range. While we may see more downside price action toward last week’s lows, the expectation is not for a breakout from last week’s range before the FOMC statement and rate decision Wednesday. Crude Oil is developing another digestive day after a bullish breakout Monday, and could see further strength toward 85 and 90 ahead. Any pullback toward 80 over the next several days could still offer a buying opportunity for bulls. Gold bulls are keeping 2150 bid, but a failure here leads to a backfill into 2100 below.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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