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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | May 16, 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))
Friday’s breakout below a multi-session range would have been confirmed Monday by a second consecutive lower close, but the pullback objective below at 1.1245 remains in-play regardless.

Gold Jun Contract (GC, ETF: (GLD))
Extreme volatility continued with Sunday night’s rally from Friday’s 1274.50 close to probe the 1282.70 buy signal to attack 1290.50. But, wait, there’s more. Monday morning’s post-open plunge fell back to within a few dimes of Friday’s 1274.50 close, preventing the buy signal from triggering.

Silver Jul Contract (SI, ETF: (SLV))
Rallying sharply Sunday night stopped short of touching 17.50 whose recovery would likely launch a new upleg. Reversing down attacked Friday’s 17.13 close to keep alive the 16.75 attraction  below.

30-year Treasury Jun Contract (US, ETF: (TLT))
Probing fresh highs overnight came within 1 tick of filling the gap back to April’s high close at at 166-30. Having Neutralizing the attraction enabled an intraday pullback to 165-18, which shouldn’t weaken much further or for much longer if the 167-26 objective remains intact .

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fulfilling the outstanding objective for a new high close Thursday was not reversed by Friday’s inside day, keeping alive the attraction to 47.25 which was met into Monday’s open and probed up to 47.85. Closing above or below 46.80-46.85 would either maintain the upside momentum or else begin topping.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Friday’s tests of 2.08 support was probed Sunday night to gap down Monday and retest prior lows around 2.03. Closing above 2.11 would now launch a new rally leg.

Posted in Bigger Picture, Daily Spot, members-only