The Day Ahead: PM Edition 2024-02-20

An initial push to the lower end of the recent range

Bonds

I’m fairly confident that ZB needs to push lower in ‘(b)’ but I’m not sure how much of a bounce will take place before moving lower. So far, the 117^27 support has been holding but ZB has not bounced much. Instead of a ‘[C] of b’ bounce, perhaps this is only some portion of ‘[II] of c of (b)’.

Some bounce expected before lower

Crude Oil

CL is down tod…