Posts by Rod David
Final answer? My question to you…
We’re almost finished with two full weeks of testing a new chaRTroom platform — Adobe “Connect.” There is a screen-sizing issue which a couple of subscribers have yet to resolve. I’m not aware of any other difficulty in using the platform.
Please don’t hold back — email me with any input I should know. I’m happy to test other platforms now before committing to one.
I especially want to know about any connectivity issues, or inability to log-in. Perhaps you only have a question about how to use a feature, like chat. Or, you prefer the Anymeeting platform, and would like it to remain an option. Regardless, don’t hesitate to email me.
Thank you!
Rod
Final answer? My question to you…
We’re almost finished with two full weeks of testing a new chaRTroom platform — Adobe “Connect.” There is a screen-sizing issue which a couple of subscribers have yet to resolve. I’m not aware of any other difficulty in using the platform.
Please don’t hold back — email me with any input I should know. I’m happy to test other platforms now before committing to one.
I especially want to know about any connectivity issues, or inability to log-in. Perhaps you only have a question about how to use a feature, like chat. Or, you prefer the Anymeeting platform, and would like it to remain an option. Regardless, don’t hesitate to email me.
Thank you!
Rod
Morning Bias
| THU morning signal (triggered at 10:15 ET) | SPX | ES |
| Bias-up: above | 2342.75 | 2339.25 |
| …would target | 2349.00 | 2345.50 |
| Bias-down: under | 2335.75 | 2232.25 |
| …would target | 2330.75 | 2227.25 |
| Signal status: BIAS-UP | FAQ | |
| INTRO VIDEOS #1 and #2 | ||
1. At 10:15, 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 10:15 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 10:15 would invoke a grace period through 10:30 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 10:30 after invoking the grace period would trigger “noN-bias,” with no bias influence.
Market Wrap (recording & summary)
Don your protective gear.
This week’s unstable rally had been retraced already Tuesday back down to Monday’s 2331.00 open. That had retraced the 2347.00 overnight high, which was probed Wednesday morning. Despite the interim pullback having been productive — i.e. producing a new high — the interim pullback’s low and Monday’s open were retested again Wednesday afternoon.
There is no bullish reason for that extra test. The interim low is likely to break lower.
The retest of the interim low was itself approached bearishly, in at least two ways. First, sellers gained traction for their efforts by exiting the bias environment under the noon hour’s low, and entering the final hour under the bias environment’s low. Second, the decline was a relentless trend, an ongoing series of lower lows and lower highs. It was not at all capitulative or aggressive, which could have been bullish from a contrarian perspective.
Meanwhile on a separate track, WedEX has triggered passively bearish. Bearish, due to several conditions. Passively, due to one of those bells (or whistles, I forget which) of the morning’s failed probe above prior highs. Thank “Wreversal Wednesday” for that. The break was almost actively bearish, as I describe in the Market Wrap video.
Details and other markets coverage are discussed in the post-market Wrap recording here.
Monitor overnight Globex trading in the chaRTroom here.
Daily Spot…
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))
Wednesday’s “inside day” held above the 1.0725 buy signal that was recovered Tuesday. But it does not confirm Tuesday’s recovery. Nevertheless, reinstating the 1.0550 target requires closing back under 1.0690.
Gold Jun Contract (GC, ETF: (GLD))
Gapping down Wednesday under the 1290.70 pullback limit extended down sharply to 1275.40, filling the gap back to last Thursday’s close. Reacting up from filling the gap doesn’t necessarily resume the rally, which already has tested and held its 1294.00 target — twice.
Silver May Contract (SI, ETF: (SLV))
Ranging exclusively in negative territory Wednesday was an “inside day,” holding above Tuesday’s dip to 18.05, but not recovering 18.30 to launch a fresh high.
30-year Treasury Jun Contract (US, ETF: (TLT))
Gapping down Wednesday and trading weaker intraday was an “inside day.” The gap back to Wednesday’s close should be filled at some point, and any further reaction down before then would be likely to recover.
Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Trending down almost relentlessly Wednesday fulfilled the 50.65 target. Holding its test through Thursday’s close would still be vulnerable to extending down deeper. Trying to recover too quickly and aggressively Thursday would suggest that a deeper drop is being refueled.
Natural Gas May Contract (NG, ETF: (UNG, UNL))
Ranging choppily and relatively narrowly Wednesday above the 3.13 sell signal isn’t necessarily greeting Thursday’s EIA report from a position of strength. But an initially favorable knee-jerk reaction could still test 3.27 before resolving down.