The Day Ahead: PM Edition 2024-09-23
A dull day as the market waits for Thursday and Friday
Bonds
It looks like I may have been a little early in calling the (A) wave down in ZB being complete. I’m allowing a little lower to around 123^27 or 123^10 before a better bounce attempt.
Crude Oil
CL retraced a bit today to test the 69.55 support. I’m penciling that in as the expected wave (IV) and now in (V) up. Overhead targets to push for over the next couple of days at 72.30, 73.15, and 74.00.
Dollar Index
DX technically could be complete but probably wise to allow for some downward pressure into the end of the month.
Euro
Allowing for a day or two up from here in Euro to make a new swing high.
Gold
Gold is extremely late in its advance from the June low. I’m not sure higher is required at this point but probably a little aggressive to fade until GC slips back under 2638.90.
S&P 500 Futures
Monday was a pretty dull day in the equity indices. There was an early morning test of supports but the day session itself was constrained. I’m expecting the S&P 500 to push to a new high on Tuesday, helped along by the news that China’s central bank announced stimulus measures. I don’t know how smooth the rise will be, but over 5796.50 invites a push to ~5814 and later 5830.25. The 5849.25 to 5866.75 zone would be a nice place to shoot for but that may wait for later in the week.
