The Day Ahead: PM Edition 2024-09-04
A corrective day in the equity indices
Bonds
Bonds remain on plan as ZB makes a poke above 124^23. May pause a bit as it nears prior highs but should make an eventual new swing high.
Crude Oil
CL was under pressure again today and pressed down to the next daily target lower at 69.35. I think there is a reasonable chance for a bounce from here but needs over 69.90 for first confirmation.
Dollar Index
DX slipped back under 101.50 today and thus may retest support like I have been writing about recently.
Euro
Euro was able to bounce today though I can’t rule out a retest of support prior to a better move up.
Gold
The good news is gold has moved up from 2500, the bad news is it is being held back by the 20 period EMA on the 240-minute chart, at least for the moment. A push over 2530 would be a positive.
S&P 500 Futures
Today was a consolidation day where the S&P 500 essentially went sideways. I wouldn’t mind a little lower to test 5496.25 or 5488.00 prior to pushing up to 5540.50 and more. Will have to see how the market handles the morning news on Thursday.
