The Day Ahead: PM Edition 2024-04-29
Next up Amazon
Bonds
I’m treating the last low as a (B) wave low of [IV] but it is very late in the formation of c of (b). If ZB climbs above the daily moving averages, it is probably best to assume c of (b) is complete and early in (c) up.
Crude Oil
CL was down on Monday is what could be a wave (II) of [V] of c of (b). Support at 82.15 and 81.65. Initial targets for wave (III) at 84.60 and 86.05.
Dollar Index
DX has been sideways for over two weeks at this point and holding the shallow support at 105.57. Probably is waiting for the FOMC meeting to make the next move.
Euro
I’ve been torn on how to count out the smaller waves in the Euro. Right now, I’m leaning a little more to the count that I have on the daily chart that would allow for a bit higher in a [C] of ii. If Euro starts to spend time under 1.0700, I will probably have to mark the retrace up as being complete.
Gold
It appears I gave up too early on a minor new low in gold to complete a (C) of [IV] as gold is pushing down from 2365.40.
S&P 500 Futures
Today was an extremely dull day aside from a little volatility late in the day. This is not very surprising since the market is now waiting for earnings and the FOMC on Wednesday afternoon.
