Bigger Picture
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))
Still hovering at 1.1105 Tuesday, instead of breaking lower, keeps alive the likelihood for at least probing a fresh high before reversing down.
Gold Apr Contract (GC, ETF: (GLD))
Further probing under 1260.70 and 1250.20 extended down to 1228.00 intraday, attacking the 1223.50 and 1216.50 targets which remains in-play so long as bounces now hold any test of 1243.00.
Silver May Contract (SI, ETF: (SLV))
The reaction from Monday’s false break higher gapped down Tuesday to test the critical 15.25 support whose break would target 14.90 and lower.
30-year Treasury Jun Contract (US, ETF: (TLT))
Rallying overnight to probe the 162-07 buy signal by 10 ticks was retraced Tuesday morning to fill the gap back down to Monday’s 161-16 close. Filling it wasn’t required, but there is no unfinished business below that might impede another rally effort.
Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The 36.95 sell signal had supported Monday’s gap down, and gapping down under it Tuesday was supported around 36.00. Not trending down intraday keeps the door open to retesting last week’s highs up to 39.00 where a more substantial top can form.
Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Monday’s restrained optimism was resolved by gapping Tuesday to test 1.90. Optimism remained restrained as an intraday dip filled the gap back down to Monday’s 1.84 close.
Look ahead: Economic Calendar – for Wed Mar 16, 2016
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: Wednesday’s calendar is busy. More so, it contains several influential items. And it’s spread out into the afternoon’s FOMC policy statement. Best of all, this being a quarterly meeting, Fed Chair Yellen will host Q&A — and her utterings have rivaled Draghi’s for influence price action.
MBA Mortgage Applications
7:00 AM ET
*Consumer Price Index
8:30 AM ET
Housing Starts
8:30 AM ET
Industrial Production
9:15 AM ET
*EIA Petroleum Status Report
10:30 AM ET
**FOMC Policy statement
2:00 PM ET
FOMC Forecasts
2:00 PM ET
**Fed Chair Press Conference
2:30 PM ET
Livestox Recording March 14, 2016
Monday’s Livestox recording is below, and the stocks we addressed in order follow that. Please don’t hesitate posting follow-up questions to this blog post’s thread… As noted during the session, Soon you’ll receive instructions to register at Investfly.com so you can see and be alerted the virtual portfolio we’ll now begin building.
GWPH, CBDS, CANV, GRNH, CBIS, SRNA, TRTC, CARA, MCIG, SMG, MYL, ADSK, ORBK, SPRWF, FEYE, FOLD, DDD, SSYS, ONVO, XONE, VJET, MTLS, PRLB
Livestox link for 5:30pm ET
Join us after today’s close for an overview of the Cannabis sector (big news today in GWPH), and we’ll take time for several stock chart analysis requests.
I’ll also give instructions to access the new IPCstocks.com web site, and how to view our virtual portfolio at Investfly. This meeting will be recorded and I’ll send out its link tonight before the Bachelor season finale in case you need an excuse.
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))
Gapping up Sunday night to test Friday’s high was retraced overnight. At least a probe above Thursday’s 1.2200 high remains likely before signaling a reversal down back under 1.1105.
Gold Apr Contract (GC, ETF: (GLD))
Friday’s post-close dip under the 1260.20 pullback limit extended down through Monday morning to test 1243.00. Unless recovered immediately Tuesday back above 1260.20, a deeper pullback targeting the 1217.00 area is likely.
Silver May Contract (SI, ETF: (SLV))
Surging through Monday’s open to 15.85 was retraced entirely and then reversed into negative territory by noon attacking 12.40. There is no unfinished business above, but still room down to 12.25 before signaling a deeper pullback underway.
30-year Treasury Jun Contract (US, ETF: (TLT))
Sunday night’s fresh lows were still 2 ticks above the 160-28 preference, but Monday reversed into positive territory nonetheless. Closing higher Tuesday would confirm a bottom is in, and above 162-07 would trigger a new upleg.
Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Trending down Sunday night and Monday morning probed the 37.90 pullback limit and spent the session hovering at the 37.00 sell signal, whose break would begin to suggest a deeper downleg underway..
Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Monday’s weaker open was recovered to retest Friday’s 1.86 high, but not aggressively which suggests optimism remains well in reserve.