The Day Ahead: PM Edition 2025-02-24
Can the S&P 500 bounce a bit prior to Nvidia earnings Wednesday afternoon?
Bonds
I’m pretty happy with how bonds are acting as they rise up off the daily moving averages. Bulls are in great shape when ZB is over 117^05.
Crude Oil
As I speculated late last week and last night, it looks like crude was in a low degree of four and had a wave V down to the early morning low. Now allow for a wave (II) bounce that should make it to at least 73.65 over the next several days or week.
Dollar Index
A promising low today in DX as it spiked down to near the 105.80 target before recovering 106.70.
Euro
Euro made a little stab at the February 14th high be fell away from it. It looks late in wave iv, but bears need Euro under 1.0426 to get something started.
Gold
Gold slipped a little today but nothing to be very concerned about as of yet. While true that I’m not interested in chasing up, bulls are probably still in charge while above 2946.00.
S&P 500 Futures
S&P 500 futures pressed to a new swing low under that of Friday prior to a bounce attempt that didn’t last long as it came under pressure late in the day. I’m assuming we are pretty late in the first impulse down from the high from last week. Being under 6017.25 is a short-term negative and keeps the door open to lower like 5972.50 or 5961.00.
