MARCH 22, 2024 — FRIDAY AM
The market is trading within very narrow pre-market ranges ahead of Fed Chair Powell speaking at 8am CT this morning. The market also developed narrow ranges Thursday after high-range action Wednesday afternoon. Watch 5290 in the ES, as a failure of this level could lead to some backfill into the Wednesday range below. Watch 18,500 in the NQ for a similar move. The YM remains the strongest of the bunch, and has developed a super narrow range at highs ahead of Powell speaking. Watch 40,100 for signs of failure. Crude Oil has pulled back toward 80, but hasn’t really moved much since Fed Day. Bulls want to keep 80 bid for a swing continuation higher toward 85. Gold developed a strong Day 1 rejection yesterday, which could swing price back toward recent lows of 2150, and could lead to a break of this level down the road.
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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