DECEMBER 19, 2024 — THURSDAY AM
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All markets, except $DXY, saw a massive meltdown on Fed Day, as the ES, NQ, YM, Gold, BTC, and ETH all experienced heavy selling pressure into the close. The ES had an ADR range of over 600%, while the YM had a range of 500% of average. Is Wednesday an indication of a Day 1 sell-off that triggers more weakness ahead, or is yesterday going to be treated like the Aug 5th meltdown, which was quickly bought as a discount? As of right now, extreme reversal buy signals are developing, and intraday price action is moderately bullish. But a failure to climb back above 6000 in the ES could lead to bears regaining control of the short term trend. BTC and ETH are currently finding early lows, and could see more of a bounce within their respective trends. Gold could remain on a path to the 2540s.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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