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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | April 7, 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))
After an ongoing delay and teasing of the pullback limit, breaking lower overnight extended down Friday to greet the weekend probing lower, now targeting 1.0550.

Gold Jun Contract (GC, ETF: (GLD))
Wednesday’s post-close recovery above the 1252.50 buy signal and Thursday’s gap above it kept the pattern poised for a very favorable reaction to the overnight missile strikes. Surging into Friday’s open extended to test 1273.00, but that was retraced back down to Thursday’s 1256.00 “lower prior highs” as support. So, Monday’s confirmed buy signal still requires at least one more fresh high close. The pullback has room down to 1254.50 to maintain upside momentum, and now also a structural attraction above — Friday’s 1265.00 gap up down above all prior highs should be filled.

Silver May Contract (SI, ETF: (SLV))
Gapping up Friday probed above 18.30, which closing above would have confirmed a probe above 18.55 remains in-play. But reversing down closed back at or within Thursday’s range.

30-year Treasury Jun Contract (US, ETF: (TLT))
Global unease enabled an overnight rally to probe above prior highs up to 153-04. It was nevertheless rejected to close under 152-02, maintaining the topping pattern, which closing under 151-12 would signal is starting to rollover.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Did spiking up overnight to 52.95 on the missile strike overcome Thursday’s “ineffectual optimism”? It was retraced into Friday’s open, but closing above or below 52.40 would either clear the path to the 53.55 target, or else enable a pullback to 50.65.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Greeting Thursday’s EIA report from a position of strength hasn’t been any more bullish than to prevent a deep reaction down. Friday’s intraday weakness was yet to shallow to signal momentum reversing down.

Posted in Bigger Picture, Daily Spot, members-only