AUGUST 12, 2024 — MONDAY AM
The ES, NQ, and YM are trading within super narrow ranges ahead of the RTH open, as the market awaits major inflation data Tuesday and Wednesday. The ES is trading just 29% of ADR, while the NQ is at 27%, and the YM is at 26%. Look to fade the edges today, while the market looks forward to PPI and CPI data this week. Also, keep an eye on wHI, and early rejection of this level this week could return prices back toward wMID below. Crude Oil recovered its key range low last week, and is on its way to the key range high at 80.62. Gold remains within a modest uptrend, and could see 2525-2530 soon. BTC and ETH are both developing higher lows early this week, which could lead to a bullish checkmark week higher.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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