AUGUST 16, 2024 — FRIDAY AM
The ES, NQ, and YM each fulfilled our breakout range expectations from the 2-day narrow ranges to begin the week, but are now seeing intraday Fade After Trend Day moves. The early rejections at yHI open up a return to yMID below for the day, at the very least. Failure at yMID will lead to more selling pressure, but the expectation is for the markets to find a range into the weekend. Crude Oil reached our downside target of 75.91 today, but could be headed to the bottom of the key range at 72.48. Gold remains on a path for a modest new high, and BTC and ETH continue to lack footing, which could open up a retest of recent lows down the road.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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