SEPTEMBER 12, 2024 — THURSDAY AM
The ES, NQ, and YM each put in super strong rejections during Wednesday’s trading, which suggests we could see further strength over the next 1 to 3 weeks of trading. These types of rejections have fared well in previous months, and bulls will be looking to defend into early weakness for a shot at a continuation higher. From an intraday perspective, bulls would rather not see a return to yMID, as this could signal a failure of Wednesday’s rejection. Crude Oil has bounced modestly, which could lead to another selling opportunity into 64s below. Gold remains range-bound, and BTC and ETH remain heavy.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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