The Day Ahead: PM Edition 2024-12-04
New highs in S&P 500
Bonds
ZB pushed up from the daily moving averages and initial support at 118^05. I think it best to call the recent little retrace a fourth and now up in a fifth to complete wave ‘i of (c).’ Next targets overhead are at 120^20 and 121^06.
Crude Oil
Have to say I didn’t expect such a strong reaction to the resistance at 70.30 which was the minimum target. Crude has been coiling for about a month now. I expect an eventual downward break that may get started once 68.50 fails as support. The next important number to break for bears is 65.80.
Dollar Index
DX bounced a bit from 105.60 but is remaining under 106.97 which is a positive for those that want to see a deeper retrace.
Euro
Euro didn’t move much on Wednesday. I still lean toward a bounce prior to resuming the downward trend.
Gold
Another day in a small range stuck under the daily moving averages. Still waiting for a move up toward at 2725.
S&P 500 Futures
S&P 500 futures were up in the overnight and kept climbing throughout the day aside from a midday pause. I can’t be excited by buying but probably too early to sell. I can see a minor consolidation before another drive up to complete a small fifth up from November 29th.
