The Week Ahead: 2024-12-08
CPI, PPI, and ECB
Bonds
Bonds continue to act well in what looks like the early stages of wave (c) up.
Crude Oil
Crude continues to pace across the trap door as it heads back toward 65.00. Once under 65.00, I would think there would be a quick push for 59.90.
Dollar Index
DX is finally it taking a well-earned rest as it tests initial support at 105.80. I would like a bit lower to test 104.80 but probably not a good idea to expect a deep retrace but instead allow for a correction in time.
Euro
The Euro bounce is starting to stall though I still like a little higher over the next few weeks before resuming the overall trend lower.
Gold
Gold went sideways in a relatively tight range. I would think that the bounce should make it to at least 2696.00 before breaking under 2630.40.
S&P 500
I think it illustrative to revisit the monthly chart here as I want to bring attention to two things. One, the 41-month cycle, is topping out which is a pretty powerful phenomenon. Next, the Wave 59 9-5 exhaustion study has a signal on the candle from last month. No indicator or study is perfect, but worth noting.
Bitcoin Futures
BTC is showing some signs of stalling though I’m reluctant to call the high being in prior to at test of 106510 or a break under 88140. So far there has only been one week of discernable retrace or consolidation which seems too short to my eye.
