JULY 19, 2024 — FRIDAY AM
The ES, NQ, and YM have pulled back from recent highs, with bears eager to sell into morning strength for another round of modest weakness today, as the near term downtrends remain intact. A push through 20k in the NQ could open up a relief rally, however. Crude Oil, BTC, and ETH are building energy within ranges. Crude Oil has developed a one month trading range, and a failure through 80 could open up a 4 to 6 point drop. BTC and ETH have developed 4 days narrow ranges, with the potential to rally ahead. Gold is returning to the center of its large trading range after hitting new all-time highs.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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