AUGUST 27, 2024 — TUESDAY AM
The ES and NQ have developed multiple day compressions of 7 and 8 days, respectively. These ranges are building significant energy for expansion ahead, but the markets are still in a holding pattern ahead of $NVDA earnings, and econ data, like GDP and Core PCE Price Index later this week. YM bears are looking to keep 41,400 offered for a shot at 41k below, which is wMID. Crude Oil reached our near term target of 76.55, and is now working toward the upper end of its key range at 80.62. Gold remains on a path to 2600, and BTC and ETH are still very sluggish, despite strength last Friday. ETH needs above 2800 to pave a way higher toward 3400 and 3600.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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