The Day Ahead: PM Edition 2024-05-06
Equity bulls taking advantage of a slow news day
Bonds
Odds of another minor swing low in bonds is decreasing as ZB is now above the daily moving average. Chasing up is probably a bad idea as the RSI is suggesting a short-term high is not too far away. A better place enter would be on a retracement whether that be a higher low or a new low.
Crude Oil
Crude made a tiny new low today but is attempting to base in what is looking more like the first impulse down than a deep fourth wave retrace.
Dollar Index
DX is trying to firm up against 104.98. Over 105.57 would be a positive for DX bulls.
Euro
As I mentioned earlier today, I’m not sure if this is a ii or a two of lower degree. Bears begin to take back control if Euro drops under 1.0743.
Gold
Gold is working at stabilizing and rising but needs to get over 2346.75 for confirmation of the start of wave [V] up.
S&P 500 Futures
The equity markets took advantage of a slow news day to grind higher. This type of slow grind has the feel of a third wave. Attempting to fade is dangerous as third waves has a nasty habit of extending. Next target range after 5205.25 is 5238-39 to 5250.25.
