The Day Ahead: PM Edition 2024-06-06
NFP eve
Bonds
ZB should be primed for a wave [II] retrace to form a higher low to that of May 29th. Initial support at 117^18, deep wave [II] support at 116^10.
Crude Oil
CL put in a nice move up today to reach an early target for wave [A] of ii. I would like to see CL extend higher to 76.70 or 77.60 but it isn’t required.
Dollar Index
DX hasn’t done much for the last few days but looks like it has unfinished business slightly lower at 109.90.
Euro
Not much to say in Euro as it hasn’t done much over the last several days other than hug 1.0897. It should be close to resuming the trend lower, but I can’t rule out a brief push up first.
Gold
Gold advanced on Thursday and the early hours of Friday morning as I type in what I’m calling wave (I) up from the low set on June 4th. Think it best to allow for a wave (II) to develop so as to set a higher low. Initial support for at wave (II) at 2380.000 with deeper support at 2362.65.
S&P 500 Futures
S&P 500 futures consolidated today in a relatively small range ahead of the NFP Friday morning. I think there is a pretty good chance to see a push up to 5383.75 and perhaps higher to 5397.50 or 5400.00.
