Posts by Rod David
Daily Spot… Gold, going, gone.
A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today”s Market Wrap.
Eurodollar Jun Contract (EC, ETF: (FXE, UUP))
Surging pre-open led to Thursday gapping up. It was retraced back to unchanged for a lengthy consolidation. that tried bouncing back to the open. If maintained, that would qualify for fulfilling the pattern”s required eventual third higher close.
Gold Jun Contract (GC, ETF: (GLD))
Wednesday”s break lower to 1180.00 extended Thursday to test 1172.50, next targeting 1158.50.
Silver Jul Contract (SI, ETF: (SLV))
Fresh lows Thursday tested the entire 16.15-16.35 target area. Breaking lower would target new lows under 15.60, but there is no requirement to break lower.
30-year Treasury Jun Contract (US, ETF: (TLT))
Wednesday”s reaction up from attacking the 149-08 target extended higher Thursday to 151-16. That”s probably too much optimism ahead of Friday”s Employment Situation report, and the low is vulnerable to being retested. But there is no attractive risk:reward setup in-play, especially ahead of Friday”s report.
Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Despite having originated from above 60.80, the pullback that closed under 60.30 Wednesday wasn”t rejected at Thursday”s open, which extended lower instead. The 58.75 sell signal was tested to under 57.95. A second consecutive lower close would confirm a retest of the prior lows is in-play.
Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Probing fresh lows in reaction to Thursday”s EIA report was recovered back above last Friday”s lows, but not necessarily through the close. The price action remains in-line with the bottoming pattern we”ve been tracking. Closing above 2.67 would put into play 2.83.
I”ll be unavailable for the
I”ll be unavailable for the balance of the afternoon. Please feel free to continue posting stock chart analysis requests to the prior post, and I”ll review them overnight. Enjoy!
Look ahead: Economic Calendar – for Fri Jun 5 2015
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: Friday”s jobs report is being released in a vacuum, which makes it even more influential to price action.
Employment Situation
8:30 AM ET
William Dudley Speaks
12:30 PM ET
Consumer Credit
3:00 PM ET
REMINDER: Since I”m unavailable for
REMINDER: Since I”m unavailable for the normal post-market Wrap, today”s will be at 1:03pm ET. Bias will be signaled at 1:20, and then I”ll be away from the screens going forward.
Afternoon bias
| THU afternoon signal (triggered at 1:20 ET) | SPX | ES |
| Bias-up: above | 2108.50 | 2106.50 |
| …would target | 2113.75 | 2112.00 |
| Bias-down: under | 2097.00 | 2095.25 |
| …would target | 2091.25 | 2089.25 |
| Signal status: BIAS-DOWN | FAQ | |
| INTRO VIDEOS #1 and #2 | ||
1. At 1:20, trading above the bias-up signal or under the bias-down signal would put into play a test of its bias-up or bias-down target.
2. Not triggering either bias signal at 1:20 would be “no-bias,” and the bias signals should define the bias environment”s range.
— A test of the opposite bias signal would be targeted if one bias signal was tested before triggering no-bias.
3. Touching the bias signal within 3 minutes either way of 1:20 would invoke a grace period through 1:30 to trigger a late signal.
— “Late” signals don”t require testing the opposite bias signal, but it”s still likely.
4. Still testing the bias signal at 1:30 after invoking the grace period would trigger “noN-bias,” with no bias influence.