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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | May 26, 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))
Wednesday’s positive divergence in RSI at the morning’s blip-down has produced a bounce Thursday up to “higher prior lows” testing 1.1205 bounce limit. Its reaction down retested Wednesday’s 1.1177 opening gap so that closing back above 1.1205  would now be credible for launching a rally that avoids extending the trend to fresh lows.

Gold Jun Contract (GC, ETF: (GLD))
Holding the 1223.00 target Wednesday avoided new lower target, but still requires one more fresh low close before recovery would be credible.

Silver Jul Contract (SI, ETF: (SLV))
Gapped up Thursday to its 16.50 anchor as the outperformance vs. Gold continues, while awaiting Gold to bottom.

30-year Treasury Jun Contract (US, ETF: (TLT))
Thursday’s low held a retest of the 163-16/163-22 pullback limit and bounced again to not only attack the 164-17 buy signal, but also to at least pierce it.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Reacting down Thursday after fulfilling the 49.95 bounce target overnight probed under the 49.55 pullback limit, but avoided the 49.00 sell signal, maintaining potential for a bigger bounce targeting 51.45 before capitulating.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Outperformance vs. Jun continued Thursday, as the morning’s dip held Wednesday’s 2.13 lows. Closing above 2.18 and 2.24 would launch a durable rally leg.

Posted in Bigger Picture, Daily Spot, members-only