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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | May 20, 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))
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.

Posted in Bigger Picture, Daily Spot, members-only