JUNE 17, 2024 — MONDAY AM
The ES, NQ, and YM have gapped up to begin the week on contract rollovers, which has pushed price to new all-time highs. The ES hit 5500 for the first time, and the NQ hit 20,000 for the first time, as well. With a holiday scheduled for Wednesday, we could see sideways-to-up price action this week, with bulls likely defending into pullbacks. The NQ reached its 100% key range target at 19,924.50, but the ES still has its target at 5600 waiting to be tested. Crude Oil has developed a 5-day narrow range, which has built at least 6 points of energy for the next breakout move.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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