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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | June 3, 2016 - 2:22 pm

fA 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 Sep Contract (EC, ETF: (FXE, UUP))
Chipping away previously at the 1.1205 bounce limit proved useful in Friday’s reaction to the Employment Situation report. Surging through it tested the two-week old consolidation’s upper-end at 1.1350. Back under 1.1315 would signal at least an attack on 1.1205 to prevent a more substantial multi-session corrective rally.

Gold Aug Contract (GC, ETF: (GLD))
Surging through Thursday’s 1220.00 high in reaction to Friday’s Employment Situation report extended to test 1246.00. Back under 1231.00 would signal the surge was not gaining momentum, and under 1225.50 would signal momentum reversing down to retest Sunday night’s lows.

Silver Jul Contract (SI, ETF: (SLV))
Gapping up Friday from the consolidation around 16.00 forms an Island reversal pattern that requires being retested. Reversing down into that retest can begin at any time if 16.60 isn’t recovered — and Friday’s surge didn’t even touch 16.50.

30-year Treasury Sep Contract (US, ETF: (TLT))
The reaction to Friday’s Employment Situation report surged to fresh highs testing the 166-12 target up to 166-23. Its consolidation tried resolving up but only momentarily pierced a fresh high.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Without almost literally exploding higher, the ongoing distribution around 49.00 remains likely to capitulate down. A credible signal would already trend down sharply before the close. Friday’s reaction down didn’t fall very far, but gapping down Monday could compensate for the delay.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Higher highs before Friday’s open created a gap up that was reversed back under Thursday’s 2.40 close intraday. Thursday’s close fulfilled the minimum requirement of Tuesday’s confirmed breakout, so extending higher immediately would help to suggest the recovery’s momentum remains intact. Still testing 2.40 through the close at least doesn’t reject the rally’s momentum.

Posted in Bigger Picture, Daily Spot, members-only