The Day Ahead: PM Editon 2024-12-03
ISM Services tomorrow at 10am
Bonds
ZB made progress on a retrace today but at this point I can’t rule out another attempt at a new swing high as the intraday cycle phase turns up for the rest of the week.
Crude Oil
A relatively strong move up in CL today makes a very low degree wave two less likely and seems more like a ‘C’ wave of a developing complex wave [II]. Next target up is at 70.30 but probably should eye 71.30 or even 72.55.
Dollar Index
I’m assuming the move down from the November high to 105.60 is just the first part of a wave ii correction. I don’t know if this middle leg will make a lower high or higher high.
Euro
Euro didn’t do much today aside from move sideways. While above 1.0462, I lean toward a bounce up.
Gold
Gold also went sideways today. If GC can manage a bit higher, it can pop up over the daily moving averages and test 2725.25.
S&P 500 Futures
A relatively dull day in the S&P 500 today as there was a small retrace down in the morning that was recovered in the afternoon. The Salesforce earnings after the bell allowed for S&P 500 futures to push higher in the evening and early morning hours of Wednesday. The 6080-81 area should be the next magnet. Once 6080ish is tested, we might get some selling. If selling doesn’t come in on the econ news, allow for a grind to 6087.00.
