Midday Update: 2024-05-08
Crude finally bouncing
Bonds
Bonds gliding lower toward support at 115^30 for a low degree fourth wave. As I mentioned last night, I think it best to assume the (b) wave low is set and the current rise is the first steps up in (c).
Crude Oil
CL finally showing some signs of life this morning. I think there is a good chance to eventually make it to 80.65 in (A) of [II] but can get a pause at 79.37.
Euro
Euro is pausing against 1.0760. Bears need this support to break to confirm a reversal lower.
Gold
Gold is relatively uneventful today as it trades around the 20 period EMA on the 240-minute chart. My current hypothesis is that gold is early in a wave [V] up. The alternative is that gold is taking its lead from crude and is early in forming what will turn into a lower high.
S&P 500 Futures
S&P 500 futures are on plan this morning with a nice thrust up from 5188.75 which is a good spot for wave (IV) of [III] and thus now early in (V) of [III] up. Minor support at 5206.50, deeper support at 5200.00. Imagine they try to push for 5239.25 tomorrow but could easily see more sideways to slightly lower this afternoon first.
