The Day Ahead: PM Edition 2022-01-04

Tech hit an air pocket after S&P 500 and Dow made a new high

Bonds

ZB punched under 157^03 today but recovered it later in the day. I’d like any small bounce to hold under 157^14 or 157^31 before pushing for 155^20.

Late in wave (III)

Crude Oil

Not much to say about crude. It initially pushed up to test 77.75 before falling back under 77.04. While that might be the wave ‘b’ high, I think it best to allow CL to hold u…