April 9, 2024

8:00 am

Good Morning!

SPX futures are being pressed into an ever-smaller formation, appearing to be flat, but in fact, revealing a Triangle Wave B.  Today’s Cycles Model suggests a brief spike to 5220.00-5225.00 before a strong reversal.  SPX is on a sell signal.

Today’s options chain reveals Maximum Investor Pain at 5205.00.  Long gamma may begin at 5225.00 while short gajmma lurks beneath 5200.00.

ZeroHedge reports, “US equity futures are trading in a narrow range, swinging between gains and losses as bonds climbed, clawing back some of Monday’s slump which sent yields to the highest since last November in the buildup to US CPI print tomorrow that is crucial to the Fed’s decision when it will start to cut interest rates; Government debt in the UK and Germany followed suit, with yields falling across the curve after a 20-year UK bond sale drew record demand from investors. As of 8:00am, S&P futures were up 0.1% but traded tightly around the unchanged line as they extended Monday’s flat close on Wall Street, when trading was the thinnest since Christmas. Nasdaq futures gained 0.2% while Europe’s Estoxx 50 was down about 0.5%, with technology and industrials leading to the downside. Commodity markets are higher lead by Energy and Metals, with Gold hitting a new record high, rising as much as $25 to $2,365 before paring gains. The macro picture is light today but keep an eye on the 3Y auction, which may give some cues to investor positioning ahead of the CPI.”



VIX futures rose to 15.51 this morning, even as the SPX futures probe higher.  There is a possibility of the VIX declining to the mid-Cycle support at 14.73 today.  It may be looked upon as a buying/hedging opportunity.

Wednesday’s options chain reveals Max Pain near 15.00  Short gamma resides at 14.00 while long gamma begins at 17.00 and remains strong to 25.00.


TNX futures have been easing lower to 43.79 after Monday’s spike high.  It appears that Stock Charts may have a data feed issue since the charts have not been updated since Friday.  Today’s Treasury Auction shows  $65 billion in 42-day bills and $58 billion of 3-year notes.  Tomorrow shows $39 billion of the 9-year 10-month notes being offered.


USD futures are sagging down to 103..73 thus far.  Both Intermediate support at the 50-day Moving Average are at 103.70.  It would do well to see if these supports hold.


Gold futures rose to an overnight high of 2384.35 on day 253 of the Master Cycle.  The odds of a reversal by the end of the week are high.  cAUTION IS ADVISED.

ZeroHedge remarks, “April 8th: Bullion Bank (Citi) raises short term price targets for Gold and Silver 9% and 16% respectively, increasing price targets to $2400 and $28 over the next 3 months. with topside price spikes of $3,000 and $32.00 this year now on the table.”



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