The Day Ahead: PM Edition 2024-09-11
An impressive intraday reversal
Bonds
Bonds pushed higher on Wednesday to finally make the expected new swing high. We now have a possible wave iii high in ZB. Initial confirmation of wave iv starting will be a drop under 125^29.
Crude Oil
CL stayed on plan with a higher low after the EIA number and is starting to push up through the 20 EMA on the 240-minute chart. Should now be relatively early in the [C] of ii up.
Dollar Index
DX is still not in the clear as it is still under 102.40 and thus, I can’t rule out a retest of support.
Euro
The move in the Euro down from August 23rd is now looking more impulsive than a correction now and thus I think any move up is likely to set a lower high.
Gold
Little change in gold. Bias remains up to a new high while above 2500.
S&P 500 Futures
What a wild day. The market is leaned on hard by bears in the morning to push S&P 500 futures down to fill a gap left from last Friday then reversed the whole decline and pushed up to the next overhead resistance zone. What now? Assume some follow-through higher on Thursday but may stall for a consolidation against 5578.50 first. Next zone to keep an eye on is 5609.25 to 5630.25.
