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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | March 16, 2017 - 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))
Fulfilling the retest of Sunday night’s highs up to 1.0765 probed higher Wednesday night. Holding the test would form a substantial top, and a reversal down would be triggered back under 1.0695.

Gold Apr Contract (GC, ETF: (GLD))
Spiking up after Wednesday’s close in reaction to FOMC had extended to “higher prior lows” at 1225.00. The next higher objective at a gap up was filled Thursday morning up to 1232.50. Having probed the prior structure, the 1222.00 gap down is an attraction, as is the gap back down to Tuesday’s close.

Silver May Contract (SI, ETF: (SLV))
The post-close reaction to Wednesday’s FOMC spiked up through the 17.05 buy signal. Extending higher overnight greeted Thursday’s open at the 17.50 target. Closing any higher would next target 17.90.

30-year Treasury Jun Contract (US, ETF: (TLT))
Already fulfilling the 148-20 corrective bounce target allows the decline to resume, by closing back under 147-24. Closing any higher would only suggest a bigger corrective bounce underway, with potential to 149-22.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s Island Reversal pattern remained intact through Thursday’s open, greatly diminishing the attraction to fill the gap back down to Tuesday’s close before extending the corrective bounce up to 50.00.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report wasn’t greeted from a position of strength, since the 3.00 pullback limit failed to hold or be recovered. Thursday opened under the 2.95 sell signal that had been probed Tuesday. Probing it deeper Thursday down to 2.88 tried reversing up, but still failed to recover 2.95 through the close.

Posted in Bigger Picture, Daily Spot, members-only