The Day Ahead: PM Edition 2024-09-24
Equities slip in the morning but recover
Bonds
ZB pushed lower today to test the intraday support at 123^27 before springing back up. That looks like a more convincing low for ‘(A) of [A] of iv’ and thus should be early in a ‘(B)’ wave bounce. The goal for short-term bulls is to now hold a higher low and then advance toward 125^26.
Crude Oil
CL advanced today as per plan to test the first target for a possible ‘(V) of [C] of ii’ at 72.30. I have a mild preference for a bit higher to test 73.15 but wouldn’t say it is mandatory.
Dollar Index
DX is leaning hard on the 100.40 support today. It is likely that DX will drop lower in an attempt to test 99.42 over the next day or two.
Euro
Euro also on track with a move up which could be a low degree third. While I have this penciled in as a low degree third, we a pretty late in the overall form and thus should be alert for a reversal on any new high over 1.1257.
Gold
Yes, gold rose with some determination today, but I counsel against chasing it up at this point. Is it safe to short? No, not until GC drops under at least 2671.45 as the intraday cycle still allows for a rise into Thursday.
S&P 500 Futures
The S&P 500 had a minor retrace early on Tuesday but recovered into the end of the day. I am doing my best to not pound the table to sell too early, but it is getting difficult. I can’t justify being quick to buy dips at this point. Can the market extend higher? Maybe if 5754.25 holds again.
