The Day Ahead: PM Edition 2024-11-26
A relatively dull day ahead of durable goods and PCE on We
Bonds
Very little happened in ZB today as it formed an inside day consolidating just under 118^05. I expect an eventual break up through the 118^05 resistance but not sure it happens this week.
Crude Oil
Reasonably happy with how well CL performed today as it initially tested resistance at 70.30 before putting pressure on 68.50. I think it wise to allow for a bounce attempt into the end of the week. We will see if bears can get some work done next week and try to drive for 65.80.
Dollar Index
DX just traded in yesterday’s range today. Maybe we can get more of a retrace next week.
Euro
Euro may have a tiny five waves up on the intraday chart but it is a negative that it couldn’t get over 1.0568. Now we see if a higher low can form over the next couple of days.
Gold
Gold is trying to firm up as it is pushing up against short-term resistance 2645.40. Over 2645.40 probably means the [B] wave low is set.
S&P 500 Futures
S&P 500 futures were down in the overnight but recovered in the early morning. That recovery continued in the day session facilitating a minor new high to that of yesterday by the end of the day. Now what? If they like the economic numbers out Wednesday morning and start to spend time above 6047.50, assume a push past the November 11th high. Is a new high a sure thing? I don’t think so. We will have to see.
