The Day Ahead: PM Edition 2024-07-09
Waiting for CPI on Thursday
Bonds
ZB slipped a bit lower on Tuesday in what could be part of a wave [II]. Need not drop much in price, sideways in a consolidation would be fine.
Crude Oil
CL was down for another day which is nice to see. Next support is at 80.50 which needs to fail for bears to feel good about a reversal. While above 80.50, there is still a that this is a wave (IV).
Dollar Index
DX is attempting to firm up against the 104.84 support. Now we will see if it can follow the dominant cycle up into early next week
Euro
Euro is starting to slip a bit from 1.0870 which is a wave [II] candidate. Would be bears need a drop under 1.0817 to feel good about wave [II] being set.
Gold
GC fell initially on Tuesday but held above 2359.85 and the daily moving averages and is recovering in the early hours of Wednesday as I type. I think gold is likely working on wave (III) of [V] up.
S&P 500 Futures
S&P 500 futures slipped a bit on Tuesday but not by much. I would prefer to buy from lower but may not get the chance as it may slowly grind up.
