NOVEMBER 19, 2024 — TUESDAY AM
The ES, NQ, and YM have developed 2-day narrow ranges, as the markets appear to be in a holding pattern ahead of Wednesday’s $NVDA earnings. Look to fade the edges intraday, with a downward bias. Given the short term downtrend, we could see further selling pressure ahead, with a shot to test the September FOMC key levels below. If this occurs, it could offer a buying opportunity to return to recent highs. Crude Oil continues to respond to the 67 support level, and Gold is working toward 2680. Bitcoin remains on a path to 100k, and perhaps into 120k ahead. Any pullback could offer a buying opportunity, including in ETH.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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