SEPTEMBER 05, 2024 — THURSDAY AM
The ES, NQ, and YM are currently trading within narrow ranges that have developed inside Wednesday’s range, and continue to show a bearish near-term bias. Bears will be looking to defend into morning strength for another round of weakness ahead. Intraday bulls need a strong push through yHI for surprise strength. Failure at the key range highs could return prices to the key range midpoints on a swing basis for these equity markets. Crude Oil broke to its lowest levels of the year Wednesday, which could signal a continuation to 64 below, especially if bulls cannot reclaim 72. Gold bulls have defended the early-month pullback to the pivot range, with 2600 above as the next target above. BTC and ETH continue to remain heavy, and could see another flash drop ahead, as responsive bulls have become weak hands.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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