MARCH 21, 2024 — THURSDAY AM
The market had a tremendously bullish response to the Fed Wednesday, as the market rallied immediately upon the release of the statement and rate decision, with new all-time highs set yet again. Heading into today’s RTH open, the market are a bit more range-bound, however, with each market sitting just above yHI. Will this become a short term bull trap today? A failure back below yHI could open the door to a modest pullback to yMID, but the overall strength of the market remains intact. Crude Oil has pulled back the last two days, and bulls will look to keep 80 bid for a shot at swing highs ahead. Gold put in a very strong high in afterhours trading Wednesday, which could develop into a bearish divergence if bulls fail to hold the 2200 level.
FOMC Key Levels for MAR 20, 2024: ES 5236.75, NQ 18272.50, CL 80.95, GC 2160.3, RTY 2058.8, YM 39526, ZB 119’00, $DXY 103.908, BTC 64370, ETH 3321
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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