The Day Ahead: PM Edition 2024-06-12
Next up is the PPI Thursday morning
Bonds
ZB was up today in a what I’m labeling a (B) of [II] and should be due for a (C) of [II] down on Thursday or Friday. Initial support for (C) of [II] at 117^21.
Crude Oil
CL made a brief poke up over 78.70 before falling back under it. Iean to the [B] wave being early in development.
Dollar Index
DX dropped under 104.90 on Wednesday but still think the next swing is likely up over 104.90 in an effort to test 106.80.
Euro
The bounce today in the Euro was up into a typical range for a wave (II) and the RSI on the intraday chart is in the overbought zone. The only thing to not like about this as a completed wave (II) is the form is a little simplistic.
Gold
GC fell back from just under the daily moving averages on Wednesday and currently at a good place for a wave (II) higher low against 2325.20. Best that the gold bulls get to work here.
S&P 500 Futures
Today was relatively tame for an FOMC day with most of the volatility early on the CPI. As long as the PPI isn’t an outlier, I would think the S&P 500 will continue to rise with futures pushing for at least 5461.25 and perhaps 5481.25 or even 5503.25 in a low degree third.
