MAY 08, 2024 — WEDNESDAY AM
The ES, NQ, and YM are showing early selling pressure this morning, as each market has pushed below yLO and is selling off “heavily” during the 7am CT hour. However, this selling pressure could be a shakeout leg that could offer a buy-the-dip opportunity for a bullish swing continuation higher. Watch for signs of rejection this morning, which could lead to a return to ONHs. Crude Oil remains on a path to 76.25, with a shot at 74.50. Gold remains stuck within a 2-week narrow range, and is building energy for a 150-point breakout move that could target 2500 down the road.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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