Bigger Picture
Saturday Review’s recording (for 5/21/16) … Put up, or shut-up.
There’s only so much to be said, every Saturday, about fluctuation around 2050.00, every week. But repeatedly testing 2039.50 without closing under it, recovering from interim tests of lower support, eventually runs out of sellers. A path down remains viable, but it’s getting stale, and a path up is always available. This weekend’s Saturday Review discusses those paths, their characteristics, and likely objectives. Three stock charts were reviewed (AAPL, TSLA, GM).
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))
Having confirmed Wednesday’s breakout that now requires at least one eventual lower close, Friday’s gap up to test 1.1245 was unable to extend before dipping back to Thursday’s close. Now having filled the gap back down to Thursday’s close, closing back above 1.1245 would launch a bigger detour.
Gold Jun Contract (GC, ETF: (GLD))
Extending Thursday’s post-open bounce peaked at 1258.50-1261.00 resistance Friday morning before reversing back down, the 1241.00 target to 1249.60.
Silver Jul Contract (SI, ETF: (SLV))
Thursday’s recovery to 16.50 wasn’t rejected Friday, nor was it improved as Gold still has a lower objective in-play.
30-year Treasury Jun Contract (US, ETF: (TLT))
Gapping down Friday held the 163-16/163-22 pullback limit that keeps alive the 164-17 buy signal which had been only touched Thursday and not triggered. The morning’s recovery returned to 164-17, and is positioned again to recover it if a deeper downleg will be avoided.
Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Neutralizing the attraction above Thursday by filling the gap back to Wednesday’s 48.60 close has made the 47.75 sell signal credible for triggering if tested.
Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Bouncing Friday to 2.05 resistance could close higher to begin forming a bottom, but must still close above 2.11 to signal momentum reversing up.
Look ahead: Economic Calendar – for Mon May 23, 2016
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: Monday’s econ calendar is empty, except for a Fed speaker who’s early timing is otherwise unlikely to influence intraday price action. But being one of two Fed speakers, and being BULLard, it’s not unreasonable to prepare for some sort of attempt at an upward push.
*James Bullard Speaks
5:30 AM ET
*John Williams Speaks
8:00 AM ET
3-Month Bill Auction
11:30 AM ET
6-Month Bill Auction
11:30 AM ET
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 steep drop had fulfilled its minimum 1.1245 objective and also probed prior lows, but that didn’t prevent gapping down and extending lower. A second consecutive lower close Thursday creates the requirement for at least one more eventual lower close.
Gold Jun Contract (GC, ETF: (GLD))
Wednesday’s FOMC Minutes had triggered a break under the 1271.50 sell signal after close, and it extended lower overnight to attack the 1241.00 target to within $4 before bouncing. A lot of selling pressure was expended, but gapping down doesn’t gain much traction.
Silver Jul Contract (SI, ETF: (SLV))
The minimum 16.75 objective had been met after Wednesday’s close reacted to the FOMC Minutes, and extending down overnight probed the 16.50 target by 15 cents,
30-year Treasury Jun Contract (US, ETF: (TLT))
Wednesday’s deep drop had held a test of 163-07 support to allow a corrective bounce that tested the 164-17 buy signal as resistance. Its recovery would target 167-26.
Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Dipping overnight to gap down Thursday tested the 47.25 sell signal, but it wasn’t likely to trigger since a top had not completed. Thursday morning’s bounce nearly filled the gap back to Wednesday’s 48.08 close.
Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report wasn’t greeted from a position of strength. Recovering its knee-jerk reaction down to 1.95 back above Monday’s 2.02 low would be the minimum requirement to begin sealing a bottom — Thursday afternoon tested Tuesday’s 2.05 close. Signaling a rally would still require closing above 2.11 and 2.14..