SEPTEMBER 17, 2024 — TUESDAY AM
The ES and YM have both hit new all-time highs ahead of the RTH open, as the market awaits Fed day Wednesday. Core Retail Sales and Retail Sales have come out this morning, which has led to early highs and strong reversals from those highs. This could set the upper edge for the day’s trading, as the market looks to mostly trade within narrow 2-day ranges ahead of Fed day. In the short term, the ES, NQ, YM remain within very bullish trends, especially since the strong lows last Wednesday. Crude Oil may rally into the end of September, as a bearish seasonal window will open in early October. Gold has reached our 2600 target, and any pullback could offer a buying opportunity for a continuation toward 2680.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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