MAY 17, 2024 — FRIDAY AM
The ES, NQ, and YM have each tested and rejected yLO in pre-market trading, and could be headed higher within the previous session’s range. The expectation is for low-range price action today, but with the potential to see a return to yHI in the best case scenario for bullish outside days. The Crude Oil remains within a developing multi-week trading range and is currently trading inside day. Bulls need through 80 next week, but a failure to do so could drive prices back toward 74s below. Gold remains strong, and could see new highs today. BTC has seen a solid breakout through the triangle compression and is building energy for a continuation ahead, which could target 71,500 and 74k.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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