The Day Ahead: PM Edition 2024-10-16

S&P 500 bounces hard

Bonds

ZB ran up to the 121^26 resistance today and started to retrace. I’m assuming a higher low will develop over the next day or two prior to resuming the bounce up.

Early in a [B] up

First support is at 120^28

Crude Oil

CL appears to be developing a minor consolidation and could use a thrust loweer for (III).

Early in iii

Another leg down for (III)?

Dollar Index

DX grinds higher for another day as it pushes for 104.00. Still think it a good idea to allow for a consolidation or retrace.

A retrace after testing 104.00?

Euro

Euro slipped lower again today to test the next intraday support down at 1.0875. Should now be at a daily cycle low so we will see how well it climbs over the next two weeks.

At a projected cycle low

Due for a wave (II) bounce?

Gold

Gold held to plan and almost made it to a new swing high today. Bias is up into a new high while above 2682.30.

Bias is up to make it to a new high

Almost there

S&P 500 Futures

The S&P 500 put in an impressive recovery today after a retest of the low from the day before. If S&P 500 futures make it over 5904.75, allow for a retest of 5917.25 at a minimum if not a push for 5941.00.

Bias is to a new high

Bulls need over 5904.75