AUGUST 28, 2024 — WEDNESDAY AM
The ES, NQ, and YM are trading within narrow ranges ahead of $NVDA earnings after the closing bell, as the market continues to await this news. The ES and NQ have developed 8- and 9-day narrow ranges, which are building significant energy for an expansion event soon. Gold is lower today, but expect bulls to defend into weakness once this 1- or 2-day move finishes. BTC and ETH both saw extreme selling pressure in afterhours trading Tuesday afternoon, but have put in very strong lows since. These lows suggests a near-term bounce that could take BTC back toward 65k, and ETH back toward 2800.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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