The Day Ahead: PM Edition 2022-06-05
S&P 500 and Nasdaq 100 on plan with a push up
Bonds
Bonds pushed higher yet again today moving to the next intraday target at 119^15. I still think ZB is late in wave [I] up off the late May higher low and thus anyone long trading in a short time frame should be managing their positions.
Crude Oil
Crude on plan with a bounce as it pushes past 74.20 to test the 20 period EMA on the 240-minute chart. If I am wrong about the wave i low being set, this is where it will be at as bears would push down from here for a minor new low. I like the odds of wave [V] of i being set as it corresponds to a cycle inflection on the daily chart.
Dollar Index
DX is acting like it has unfinished business at the next lower support at 103.90.
Euro
Euro dropped a little but recovered today such that I think there is a reasonable chance to retest 1.098 or more to complete wave (V) of [C] of ii.
Gold
Gold also on plan as it pops up over the daily moving averages in what should be (I) of [V] of c of (y) of [b].
S&P 500 Futures
S&P 500 futures moved up as expected in what should be wave (III) of [V] up from the low in April. The climb was fairly steady and today and closed at the retest of the current high. I expect a little higher before any retrace and could easily grind past 5383.75 in an effort to stretch for 5424.25.
