The Day Ahead: PM Edition 2024-11-07
The Day Ahead: PM Edition 2024-11-07
S&P 500 coasted higher
Bonds
ZB finally turning up as expected as it is now up against the area to beat to confirm a reversal higher at 117^09 and 117^23. I expect a grind up through this area to test the daily moving averages and 119^05.
Crude Oil
I’m not sure about the intraday count in crude up off the October 29th low. The movement between the November 1st high and the November 6th low looks like a correction hence why I put the (B) on that low. What has me a little baffled is what has happened after that as it looks like it is advancing in three’s which forces me to think an ending diagonal for ‘(C) of [II]’ in development.
Dollar Index
DX is responding to the resistance at 105.30 and attempting to move lower. I’m assuming this is the start of ‘[C] of ii’ down.
Euro
Euro has been bouncing in what I’m currently treating as ‘[C] of ii.’ The alternative is this is early in a wave ii bounce if the last low was wave i. Will see if it can move higher into early next week.
Gold
Gold did well enough on Thursday as GC advanced until it ran into the intraday and daily moving averages. Now bulls need gold to form a higher low, so as to avoid five waves down which would imply a lasting high may have been made.
S&P 500 Futures
Another day after the election and of course another up day. I’ve been trying to shop for a lower degree third wave, always a dubious endeavor, to little avail. That said I’m going to keep at it. Next candidate area is 6016 to 6022. If S&P 500 futures fall under 5996.75, assume that a retrace is underway that tries for at least 5981.50.
