The Day Ahead: PM Edition 2024-12-09
Equity indices slip
Bonds
I’m working under the assumption that the first wave up from the (b) wave low is complete and now undergoing the early stages of a wave ii retrace.
Crude Oil
Crude was able to hold onto a rising trend line today which enabled a modest bounce. Bears need to CL to drop under 67.75 to enable a drive for 66.00 or 65.10.
Dollar Index
Tricky. DX has put a little pressure on initial support at 105.60 and now is attempting a bounce. The move down looks a bit simplistic for a wave ii but DX is now at a possible cycle low. Maybe we have to endure a move up into the end of the year before the next leg of wave ii.
Euro
I think I may have been too quick in my counting of the intraday swings and thus perhaps the recent bounce high is ‘[A] of ii, and now due for [B] down.
Gold
Gold is at some resistance at 2701.80 but I’m going to give the bulls the benefit of the doubt and see if they can push for 2725.25.
S&P 500 Futures
S&P 500 futures were under pressure throughout the day and even a bit afterhours so as to test 6061.00 which would make a good wave (IV) candidate. Will see if they can bounce back on Tuesday.
