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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | May 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 Jun Contract (EC, ETF: (FXE, UUP))
Gapping up Wednesday extended only back up to last Thursday and Friday’s highs, within the range of the 4-day setup that is still targeting 1.1245. But the pattern won’t easily tolerate more bouncing prior to resuming the decline.

Gold Jun Contract (GC, ETF: (GLD))
Wednesday’s gap up threw yet another curve at the ongoing widely fluctuating range. But holding 1282.70 as resistance and closing back under 1271.50 would maintain the 1241.00 target below.

Silver Jul Contract (SI, ETF: (SLV))
Gapping up Wednesday to 17.50 resistance and testing its prior high at 17.60 was nevertheless retraced down to 17.30, whose break would reinstate the decline targeting 16.75.

30-year Treasury Jun Contract (US, ETF: (TLT))
Filling the gap back to Friday’s 165-27 open did not react down Tuesday, maintaining the 166-30 objective above. Wednesday’s fresh highs testing 166-21 got closer to its objective, whose test should also visit 167-26.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Having re-set the pattern with Monday night’s fresh lows at 43.03 and recovering quickly Tuesday to 44.50 resistance, Wednesday’s gap up to and through the 44.75 buy signal was able to attack recent highs at 46.25.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Wednesday’s open dipped initially to touch Monday’s 2.11 “lower prior highs,” and reacted up above Tuesday’s interim high to 2.18. The two consecutively higher closes above 2.14 are greeting Thursday’s EIA report from a position of strength that has no bullish excuse not to react aggressively.

Posted in Bigger Picture, Daily Spot, members-only