The Day Ahead: PM Edition 2024-11-06
The Day Ahead: PM Edition 2024-11-06
Equities rally hard on the Trump win
Bonds
ZB held just above the 115^09 intraday support today but couldn’t recover the old support of 116^13. I still like a move higher but probably have to wait till the FOMC decision to make a move that puts pressure on overhead resistance at 117^09 and 117^23.
Crude Oil
Crude rallied today to recover the previous drop but has started to fall back away from 72.70 again. I think this is just the middle part of a (B) wave retrace but I suppose that the low early today might be the (B) wave low.
Dollar Index
DX was on fire today like the equity indices but like I mentioned last night, I’m not sure if this is part of ‘i’ or if a [B] wave type high within a developing wave ‘ii.’ Resistance at 105.30 and 105.80.
Euro
I’m still leaning to treating the recent low in the Euro as a [B[ wave low with the alternate of wave ‘i’ down. Regardless of the wave count, the next move should be a bounce up. The difference is that the primary expects a five-wave sequence up in in ‘[C] of ii’ versus a three-wave move for ii.
Gold
Gold had a tough day on Wednesday but is down at a deep extension target down and a typical wave (IV) retracement level on the daily chart. The form is a little simplistic for a fourth but could be complete. It certainly is the right spot for depth of retrace. First step for gold it to recover 2675.80.
S&P 500 Futures
Futures started to grind higher overnight as the election results rolled in and had follow-through up during the day session into the close. There may be a minor drift up on Thursday to test 5978.50 or 5990.00 but I think a consolidation is due shortly.
