Bigger Picture
Look ahead: Economic Calendar – for Tue May 23, 2017
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: Tuesday’s calendar isn’t busy. The afternoon’s Fed speaker is predictable, with limited track record of impacting price action. Being so late in the day is unusual, which might trigger a reaction.
Redbook
8:55 AM ET
New Home Sales
10:00 AM ET
Richmond Fed Manufacturing Index
10:00 AM ET
4-Week Bill Auction
11:30 AM ET
52-Week Bill Auction
11:30 AM ET
2-Yr Note Auction
1:00 PM ET
*Neel Kashkari Speaks
3:15 PM ET
Globex Link (it’s new)
Globex has started trading. Nothing very interesting… yet. But you’ll need the new chaRTroom link to view it, and to join us in the morning.
Saturday Review’s recording (for 5/20/17) …A pivotal week explained.
It’s not so much that this week’s action was complicated. But it was somewhat complex in all of its features that relate to my methodology. New high, premature passively bearish WedEX, actively bearish WedEX, trend change, correction… and more. So, this weekend’s Saturday Review did spend almost 45 minutes describing those predictive features. Knowledge, sorry!
But in the end — that is, in the end of the market analysis — we had identified the likeliest scenarios for Sunday night and Monday’s open. Their likeliest resolutions, and as important, the consequences of price action behaving differently. We’re fully prepared to consider trades for the coming week. And also familiar with the relevant price points and patterns to monitor.
In the actual end — the end of the recording — we weren’t so prepared. Internet connectivity was inexplicably lost, as I was in my final sentence of instant chart analysis of the final stock that was requested to review. Inexplicable, because it was not an outage and a reboot cured it. Anyway, that was up to the 56-minute mark, which I hope you find more interesting than the subsequent 7 minutes of dead air.
The following stock requests were reviewed in this order:
AAPL, NFLX, GOOGL, FB, CMG, AMD
[transcript unavailable]
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 Jun Contract (EC, ETF: (FXE, UUP))
Thursday’s dip that filled the gap back to Tuesday’s close had held its support. Rallying overnight gapped up to and through Thursday’s high to probe fresh highs. There is no reversal signal.
Gold Jun Contract (GC, ETF: (GLD))
Rejecting Thursday’s intraday probe above the 1261.50 “higher prior low” had only signaled upside momentum was lapsing, but not that it was necessarily reversing down. Friday’s narrow ranging didn’t fill that void.
Silver Jul Contract (SI, ETF: (SLV))
Rallying overnight more than a dime above 16.75 resistance had stopped several cents short of touching Wednesday’s Island. Still, closing back under 16.75 and lower would be helpful confirmation that the reversal down is in-play.
30-year Treasury Jun Contract (US, ETF: (TLT))
Maintaining the rally’s momentum requires holding the 153-11 pullback limit, which was attacked to within 1 tick Friday morning. There’s still room for a lower low at 152-26, but that wouldn’t be optimal for resuming the rally in the near-term.
Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Two separate nights’ dips to 48.05 had been recovered up to 49.50 before extending higher to attack 50.50 Friday. The gap up helps to prevent immediately reversing the trend back down, but a second consecutive higher close Monday is still needed to suggest a durable breakout is underway.
Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Friday’s gap up to and through 3.21 reached resistance at 3.27, which has no bearish excuse not to reject without further delay and to resume the decline targeting 3.11 and lower.