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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | March 11, 2016 - 2:22 pm

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))
The 1.1105 pullback target was tested already overnight before Friday’s gap down. The pullback target held, making at least the gap back up to Thursday’s close likely to be filled before a durable reversal can begin.

Gold Apr Contract (GC, ETF: (GLD))
An overnight blip-up came within 20 cents of touching the 1277.50-1288.00 target area’s upper-end. The reaction down greeted Friday’s open in negative territory. While the overnight test does neutralize the attraction, it is vulnerable to being retested intraday so long as the new 1260.70 pullback limit holds, and otherwise ready to begin a deeper pullback.

Silver May Contract (SI, ETF: (SLV))
Surging momentarily overnight held a retest of the 15.70 target before gappnig down at Friday’s open was unable to recover positive territory, and back under 15.25 would reverw he trend down.

30-year Treasury Jun Contract (US, ETF: (TLT))
Thursday’s recovery back above 162-07 improved Friday morning to a couple of ticks short of the 162-29 buy signal before reversing down sharply to fresh lows. Recovering from a test of 160-28 would be credible for forming a durable bottom.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The Ascending Triangle probed fresh highs above 39.00 Friday, largely recovering from a dip to 38.10. The pullback limit has been raised to 37.85.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Hesitating to test the 1.80 confirmation Thursday resolved up immediately Friday to test 1.86. Friday’s close confirms momentum has reversed up, next targeting 1.99.

Posted in Bigger Picture, Daily Spot