DECEMBER 13, 2024 — FRIDAY AM
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The ES and NQ both gapped up in afterhours trading, with tech earnings and megacap tech stocks leading the way higher. We’ve seen strong overnight and pre-market movement out of these markets, with more moderate upside likely ahead today. The ES remains within a developing narrow 10-day compression, which forecasts a potential 200-point breakout move, but will this market see expansion after next week’s Fed rate decision? The YM, on the other hand, remains within a bearish downtrend, which has lasted 7 straight sessions. Failure to get above yMID opens up another round of late-day selling pressure for this market. Gold remains weak after Thursday’s heavy selling pressure, while Crude looks to maintain the gains for the week. BTC and ETH continue to hold steady.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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