Midday Update: 2024-01-11

Morning equity weakness after the CPI

Bonds

ZB is down today but not in a very conclusive way, just retesting recent lows. I’m remain open to higher for a new swing high in ‘c of (a)’.

Could still get a move higher

Crude Oil

I initially gave up on the idea I proposed last night early this morning, but with the rejection of 73.10, I’m back to thinking CL is still working on ‘[B] of ii’.

Pushing down in [B]?

Euro

Euro dropped lower after the CPI but is recovering. I wonder if we still have more work to do on wave ii?

Still working on ii

Gold

Gold dropped to a new swing low today and is now resting on the 2019.30 intraday support. While bearish gold in the big picture, I’m reluctant to say GC is early in the next major swing down, but instead think that this is either a wave (I) low or a ‘B of (II)’.

Still lean to a bounce

S&P 500

SPX made a new high over that of late December and dropped but I’m not sure bulls have given up yet. Bears appear to have given up around noon as the market has been grinding higher since. As much as I want to be bearish, I’m open to a test of 4804 to 4818 before bears getting a better chance at a reversal.

Could still try for a new high