The Day Ahead: AM Edition 2025-07-24
ECB, morning econ data, and more earnings
Bonds
ZB appears to be correcting the last week of advance. I’ll be watching for a possible higher low around 112^12 or 112^02.
Crude Oil
CL did slip under just under 64.25 but is firming up. If CL can get over 66.70, I’d say it is starting the last leg of the wave ii.
Dollar Index
DX is trying to firm against 97.30 but can’t rule out a retest of the last swing low.
Euro
I may have to promote the alternate count to the main as Euro is holding firm and trying to push through resistance. Even if it does, I think we have to be mindful of a possible double top on a retest of the prior swing high. Net, regardless of lower high or minor new high, I think the Euro is extremely late in the swing up from the start of the year.
Gold
A negative that GC fell back this far to retest the daily moving averages. The last hope now for bulls is that this is the last swing in a triangle.
S&P 500 Futures
S&P 500 held and climbed yesterday and overnight. I just can’t force myself to be eager to buy at this point, but it is now pushing past 6404.75 as I type. I counsel that this is a great place to lock in profits, not such a good place to initiate a new long.
