DECEMBER 09, 2024 — MONDAY AM
The ES, NQ, and YM are trading within narrow ranges ahead of the RTH open, but maintain an overall bullish bias. This could be a relatively quiet start to the week, as the market awaits CPI and PPI data on Wednesday and Thursday of this week, and the Fed next week. The YM has developed a narrow multi-day range, and could be building for a 2000-point breakout move ahead. Crude Oil is seeing a bounce-back day off the 67 support level, with a shot at further strength this week. Gold is trying for expansion from its 8-day compression, which has enough energy for a return trip to 2800. BTC and ETH remain bullish, and bulls will be looking to defend into weakness for a continuation higher.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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