AUGUST 19, 2024 — MONDAY AM
The ES, NQ, and YM are trading within super narrow price ranges ahead of the RTH open, and are developing another set of 2-day compressions – similar to the beginning of last week. Look for the market to be in a holding pattern after last week’s strength, and ahead of Fed speak this week, especially with the Jackson Hole Symposium on deck later in the week. Watch wHI/wCL for early directional conviction, as an early rejection could lead prices back toward wMID below. Gold has reached another new all-time high, which means another deep pullback could be ahead. BTC and ETH continue to develop multi-day compressions, and could still see a pullback ahead for a retest of recent lows.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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