AUGUST 23, 2024 — FRIDAY AM
The ES, NQ, and YM saw a big dose of selling pressure in the previous session, which gave us the look and feel of a potential Day 1 rejection. However, overnight and pre-market strength is wiping out some of those losses, as the market awaits Fed Chair Powell at 9am CT. The YM is building a ton of energy within a developing 6-day compression, which follows last week’s expansion. This compression could release 1400 to 1700 points of range in the week ahead. Crude Oil has rejected 72.50 and could return to 76.55 above. BTC and ETH are also building energy within multi-week compressions, with high-range breakout potential ahead.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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