The Day Ahead: PM Edition 2024-12-02

A dull day in the S&P 500

Bonds

ZB is stalling at the 119^20 area. I can envision a retrace back to the daily moving averages around 117^24 to see if a higher low can stick.

Due for a wave ii retrace?

Down for a couple of days?

Crude Oil

Crude has been under some pressure but has yet to break under 67.50 so maybe a low degree one down from the November high and working on a wave two, say around 69.80.

Will see if wave [II] is set

Up in a small C of two?

Dollar Index

DX was up on Monday, but I’m not convinced the correction is over. The next cycle low is due in about a week.

A cycle low next week?

Euro

Euro had a down day but could have set a higher low today. The first step up in a possible ‘[C] of ii’ is 1.0624.

Rising in a wave ii?

Ready for [C] up?

Gold

Gold didn’t do much today other than consolidate right under the daily moving averages.

Still working on ii

Due for {C] of ii?

S&P 500 Futures

Monday was a relatively low range day with an upward bias. I’m giving bulls a chance to push for a bit more, say 6080-81, prior to a retrace provided they can get over 6069.25. Any drop under 6031.25 starts to become a problem for bulls.

Trying to stretch for 6081?

Any drop under 6031.25 is a problem for bulls