The Day Ahead: PM Edition 2024-11-19
The Day Ahead: PM Edition 2024-11-19
S&P 500 bounces after an early morning new low under that of last Friday
Bonds
ZB did reasonably well today pushing up against the 117^05 resistance level, even poking up through it briefly before falling back away from it. Will have to see if a higher low forms on Wednesday to facilitate another attack on overhead resistance and the daily moving averages.
Crude Oil
Crude continues to stay on plan as it continues to push up. Next job for bulls is to push up through 69.48 in a low degree third of ‘(C) of [II].’
Dollar Index
Tuesday was pretty uneventful in DX as it stayed within the range of the day before. I would welcome lower but as I have mentioned previously, a case could be made for another high prior to a better retrace.
Euro
Little real change in the Euro as it flirts with the 1.0600 level but so far unable to push over. While under 1.0600 there is still a chance to drop to a new swing low around 1.0490.
Gold
Gold is stalling a bit against the 2838-39 area in what could be ‘[A] of ii,’ and be preparing to slip lower or travel sideways in ‘[B] of ii.’
S&P 500 Futures
S&P 500 futures are giving me mixed messages. On one hand, the new low of Tuesday under the low from last Friday leaves a five wave look down from the high which implies the high may be in and that the current bounce is to make a higher low. On the other hand, the advance from the low on Tuesday didn’t respect typical retrace values much on the way up and thus may not be a retrace, but a fresh leg up. All that is to say I don’t have a lot of certainty on a new high or lower high but will be letting the market tell me what it wants to do. As to what takes place on Wednesday, they may travel sideways to slightly lower waiting for Nvidia earnings after the bell.
