Bigger Picture
Look ahead: Economic Calendar – for Tue Apr 17, 2018
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: Four Fed speakers on Tuesday, the week’s busiest. But other appearances are littered throughout the rest of the week, too. Meanwhile, the morning’s econ reports are neither high-profile nor reliable for influencing price action.
Housing Starts
8:30 AM ET
Redbook
8:55 AM ET
Industrial Production
9:15 AM ET
*John Williams Speaks
9:15 AM ET
*Randal Quarles Speaks
10:00 AM ET
*Patrick Harker Speaks
11:00 AM ET
4-Week Bill Auction
11:30 AM ET
*Charles Evans Speaks
1:40 PM ET
Saturday Review’s recording (for 4/14/18) …Taxonomy.
Not all patterns are binary, with an either-or resolution. Most will continue ranging or consolidation if a breakout opportunity isn’t exploited. This is not one of those patterns. Recent ranging has had an ascending quality to its support, if not also flat resistance to form a sort of Ascending Triangle. Buying has gotten compressed, so that its breakout is likely to aggressive, almost literally exploding or imploding as the case may be. The paths and consequences to each resolution is detailed during this weekend’s Saturday Review..
The following stock requests were reviewed in this order:
TSLA, NFLX, BAC, XLE, GE, AMD
transcript
Rod David: Welcome to this weekend’s Saturday Review. Please post questions and comments as they occur to you.
(04/14/2018 09:32)
Bill G: gm
David B: Good Morning
(04/14/2018 10:04)
David B: i can hear
Bill G: now, but not before
David B: on and off
David B: 2 min
Bill G: 2min
(04/14/2018 10:07)
David B: NFLX,BAC
(04/14/2018 10:14)
Bill G: XLE
David B: GE,AMD
(04/14/2018 10:30)
David B: expiration
David B: how do you see it having an effect
(04/14/2018 10:32)
Bill G: Thanks
David B: thanks
Saturday Review Link
Be sure to join us by 9:30am ET for this weekend’s Saturday Review. After discussing the bigger picture and gaming out strategies for playing next week’s likelier opening setups, we’ll do instant analysis of any stock charts that you request… See you there!
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 Mar Contract (EC, ETF: (FXE, UUP))
Friday was still overlapping 1.2390 like Thursday, and also ranging narrowly around it, ultimately flat-to-higher, keeping alive the likelihood that Thursday’s gap down was only a temporary pullback.
Gold Jun Contract (GC, ETF: (GLD))
The 1339.00 test had tried extending down after Thursday’s close and before Friday’s open but still reacted back up above 1344.00 Friday morning, also testing the 1347.25 buy signal. Extending higher would target 1361.00-1364.00.
Silver May Contract (SI, ETF: (SLV))
Repeated efforts after Thursday’s close to extend down under 16.50 failed, allowing Friday morning to bounce back up above 16.60. Extending higher would target a retest of 16.80.
30-year Treasury Jun Contract (US, ETF: (TLT))
The corrective bounce potential from Thursday’s test of 145-02 was not very pronounced Friday, but at least the pullback has paused if not ended. Extending higher would target 146-10 before a bigger downleg becomes likely.
Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Multiple days of hovering narrowly around the 66.88 had already indicated the intent to probe higher, next targeting 69.50. Firming into the weekend may be the breakout that starts the next upleg.
Natural Gas May Contract (NG, ETF: (UNG, UNL))
Ongoing ranging between 2.65-2.70 finally resolved Friday, but it wasn’t down to retest the decline’s 2.62 target or lower. Friday gapped up and extended to test 2.75, whose recovery could marginalize sellers. I’m suspicious of that, since the gap back to Thursday’s close would want to be filled. Also, the first breakout attempt from an extended narrow range tends to be false.
Look ahead: Economic Calendar – for Mon Apr 16, 2018
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: The econ calendar is busy for a Monday. The pre-open Retail data will is both high-profile, and influential to price action. Any noticeable reaction to its report is likely to be duplicated by post-open reports.
*Retail Sales
8:30 AM ET
Empire State Mfg Survey
8:30 AM ET
Business Inventories
10:00 AM ET
Housing Market Index
10:00 AM ET
3-Month Bill Auction
11:30 AM ET
6-Month Bill Auction
11:30 AM ET
*Raphael Bostic Speaks
1:15 PM ET