AUGUST 21, 2024 — WEDNESDAY AM
The ES, NQ, and YM are trading within super narrow ranges ahead of today’s FOMC Meeting Minutes, and ahead of Fed Chair Powell speaking Friday. The ES and NQ are both trading just 19% of ADR, while the YM is sitting at a paltry 16%. The short term uptrends remain intact, and any test of yLO could offer a bear trap for bulls to defend and return to yHI. Crude Oil remains within a short term downmove, but could find a strong low soon off the 72s, which could lead to a return back toward 76 and 80 above. Is a pullback coming in Gold? BTC and ETH continue to build energy within multi-day narrow ranges, and may have one more shake-out leg ahead.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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