MAY 02, 2024 — THURSDAY AM
The ES, NQ, and YM each rallied big after the Fed Statement and Rate Decision were released, but saw an even more intense reversal in the last hour of the day, which left behind major rejection days. Are these major reversals a sign of further weakness to come? Bears want to keep yMID offered for a shot at inverted checkmark days down, with the potential for a higher range day today than yesterday. Crude Oil melted down in the previous session, and is now below 80, with more downside ahead. Gold continues to build a rounded top, and could be seeking new lows, unless a break through 2350 occurs.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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