The Day Ahead: PM Edition 2024-06-26
Waiting for the econ data on Thursday and Friday
Bonds
So far, bonds on plan as they dropped today to just above first wave [II] support at 118^07.
Crude Oil
Tricky position in CL as it has been flat for four days. I’m giving bulls a chance to press for the next overhead target at 82.50 while above 79.25 but this might be a rounded wave ii lower high preparing to reverse lower in the early phase of wave iii.
Dollar Index
Not much to say as DX stays on plan as it grinds up toward 106.80.
Euro
Euro made a minor new low under that of June 21st today. I’m penciling in that low as a (B) wave low and due for a (C) of [II] up with 1.0755 as the first target.
Gold
Gold dropped through 2322.05 and pushed for the next extension down at 2305.70 which barely qualifies as a wave (II) candidate since it is a retest of the low from June 7th. First sign that gold is coming back to life is a recovery of 2322.05 followed by a push over 2339.05.
S&P 500 Futures
Today the S&P 500 settled into a holding pattern just exploring both sides of the recent range. Perhaps the econ data on Thursday morning can put some energy into the market so that it can pop up out of this range.
E-Mini Dow Futures
A premise that I have been working with is that we need to let the Dow and NYSE Composite catch up to the S&P 500 and Nasdaq 100 as YM and NYA have yet to retest or surpass the high from early April.
