The Day Ahead: PM Edition 2024-05-09
Gold waking up
Bonds
Bonds are trying to bounce up out of a possible wave [IV] low in the early stages of [V] of i. Very short-term bulls need to see ZB above 116^31 for confirmation that wave [V] up is taking place.
Crude Oil
CL poked up through initial resistance at 79.37 and fell back under on Thursday but is again climbing up through it in the early hours of Friday as I type this. Should be working on the first step of wave ii. Next target is at 80.65.
Dollar Index
DX made an attempt to push through 105.57 on Thursday but couldn’t make it stick. Will see if they can push over 105.57 on Friday or early next week.
Euro
Euro couldn’t drop under 1.0743 but instead bounced up from support. Not sure if there will be a retest of 1.0830.
Gold
Gold pushed up against resistance at 2346.75 on Thursday and is popping over it in the early hours of Friday. This should be wave (III) of [V] up with the next targets at 2383.85 and 2403.20.
S&P 500 Futures
S&P 500 futures stayed on plan on Thursday rising to test 5239.25 and 5250.25. I’d rate this area as the first set of targets for wave [III]. Since third waves have a tendency to extend, I’m thinking we see a push for 5266.00 or even 5284.00 on Friday.
