Posts by Rod David
The last two sessions blipped-up
The last two sessions blipped-up into afternoon highs, and then blapped-down upon failing to attract new sponsorship. Buyers didn”t gain traction during any of the last 10 sessions — not since the 2-week old Apr 9 breakout. Price hasn”t so much edged higher as it has absorbed dips, for now.
Speaking of which, those overnight and intraday plunges have finally resolved up to new highs. Buyers that absorbed them have finally been rewarded. Last week”s 2105.50 high, last month”s 2107 high, and February”s 2107.50 high, all were probed Thursday up to 2114.50. Which was retraced back down to 2107.
Although there remains potential to higher highs — 2121, 2130 and 2145 — the template calling for a new high has been fulfilled. Weeks worth of intraday and overnight plunges were viewed as likely to recover. We will no longer have that degree of confidence. Similarly, the rally”s pattern, itself, can”t tolerate hesitation. Keep in mind the likely resolution, which is for a brief new high that reverses down sharply. Stay in touch.
Thursday”s post-market Wrap recording:
https://roddavid10.mitel-nhwc.com/join/ypytpwh
The chaRTroom hiccuped, and disconnected
The chaRTroom hiccuped, and disconnected us all without releasing out logins. When re-entering, change your email extension to “.net” or “.org”, just to fool the system. I”ll delay the post-market Wrap a couple of minutes.
P.S. There is no hold-long or hold-short, the 2110 sell signal”s 2107 target is met.
Daily Spot… No new trending
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 Mar Contract (EC, ETF: (FXE, UUP))
Wednesday night”s retest of Monday night”s ~1.0675 low was recovered back above downtrending resort. I had described that during the pre-open Tour as being bullish for a test of 1.0820, and potentially also to attack 1.1000. Thursday”s rally did retest the 1.0855 target where Friday”s open had peaked. Extending higher now requires pullbacks to hold 1.0825.
Gold Jun Contract (GC, ETF: (GLD))
Thursday”s intraday bounce to the 1194.50 sell signal didn”t confirm Wednesday”s break under it. But neither did it invalidate the break, which would require recovering at least 1197.50. And that was being tested after Thursday”s close.
Silver May Contract (SI, ETF: (SLV))
The second consecutive attempt to confirm a breakout was attempted initially Thursday, but most of the session firmed flat-to-higher. This was likely based on the Mon-Tue unconfirmed breakout. The pattern can repeat indefinitely, probing lower and lower lows, so long as 16.10 isn”t recovered.
30-year Treasury Jun Contract (US, ETF: (TLT))
Wednesday night”s bounce to 162-00 resistance was reversed down to a fresh low at 161-02. It was recovered Thursday afternoon to retest 162-00. That won”t prevent extending down into the weekend, triggered back under 161-10. But it also failed to confirm Wednesday”s breakout, so a bigger corrective bounce has potential to 163-18.
Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Another test of the 55.88 pullback limit Wednesday night was recovered for an unremarkable open Thursday. A late morning surge tested 58.40. There remains potential to 59.30.
Natural Gas May Contract (NG, ETF: (UNG, UNL))
Thursday”s EIA report wasn”t being greeted from strength, or from downtrending weakness. Gapping down ahead of the report discounted the reaction, but the session still failed to recover from testing 2.54 support. Closing above 2.60 is still required to launch the next upleg.
Today”s Livestox is recorded in
Today”s Livestox is recorded in MP4, and its link is below. After reviewing the broader market (SPX), Crude Oil (USO) and Gold (GLD), the following stocks were discussed, in this order:
CNAB, OSLH, OXIS, CARA, MCIG, SRNA, KITE, BIIB, CELG, TRTC, GWPH, RAD, ESPR, FEYE, GTLS, CIG, PBR, FOLD, PPCH, DO, RIG, GPRE, INVNM, KO, VPOR, ECA, VALE
http://www.anymeeting.com/nrodpywxnayx/E159D980814A
[Let me know how you liked the new meeting room, and what sort of difficulty you might have encountered accessing it. I don”t think we”re going to use it, but I do like its claim to be easily accessible on Apple products and Android tablets]
Look ahead: Economic Calendar – for Fri Apr 24 2015
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights:
One economic report on Friday is rare. But it”s high-profile, with a reliable track record for influencing price action.
Durable Goods Orders
8:30 AM ET