The Day Ahead: PM Edition 2024-06-27
PCE and U of M Consumer Sentiment on Friday morning
Bonds
ZB is firming up against the 118^07 support and the daily moving averages in what could be a wave [II].
Crude Oil
CL came through with higher on Thursday in what should be the very late stages of [C] of ii. Those that are trading CL long should be managing their positions. Probably a little too aggressive to fade prior to some signs of a reversal.
Dollar Index
DX slowing is fine as the RSI has been pinned up in overbought territory for several days. A minor retrace prior to grinding higher would not be unusual.
Euro
Euro stabilizing and working on the expected bounce. Next step and confirmation of wave (C) up is a push up through 1.0755.
Gold
Nice move up in gold on Thursday. Next step is to grind up through 2339.05 and reach for 2359.85.
S&P 500 Futures
SPX was relatively dull during Thursday as it was still trapped in the range but has come up out of it overnight. Will see if S&P 500 futures can push past 5567.00 after the Friday morning econ data.
