The Day Ahead: PM Edition 2024-10-29

S&P 500 drifts up through the day, Meta and Microsoft earnings on W

Bonds

Nice rally today in bonds that recovered old daily support at 117^25 and is just under the number to beat on the intraday chart to confirm a reversal up at 118^11. Next step for bond bulls is to form a higher low and grind over 118^11.

Promising intraday reversal

Need just a bit higher for confirmation of a reversal

Crude Oil

The minor new low today under that of Monday technically can be considered a completed five wave count but can’t rule out a try at testing 69.50 till CL is over 68.08.

Possible first impulse down

Bulls need CL over 68.08 to confirm a bounce is starting

Dollar Index

Not much to say about DX as it has been sideways against 104.40. I’d like a minor retrace but need back under 104.00 to get that started.

A minor consolidation would be beneficial

Euro

Euro retested support briefly and is now back to testing 1.0843, the level to beat to get a Euro bounce started.

Trying to bounce

Almost there…

Gold

The good news is that GC popped to a new high today, but the bad news is that it ran over my initial target for ‘V of (III)’. Next target range is 2805.40 to 2809.40.

Acting like a third

Should be late in 5 of V of (III)

S&P 500 Futures

S&P 500 futures recovered from an early morning retest of the Friday afternoon low and drifted higher through the rest of the day. I have a mild bullish bias to allow ES to test 5897.50 or more likely 5913.50 prior to the next retrace attempt. Best pattern still looks like a low degree ending diagonal that is now working on wave three. Still advise being on your toes as new highs are not a sure thing.

Holding up so far

Remember, this is late in the game