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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | April 21, 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))
Filling the gap back down to Wednesday’s close didn’t prevent extending Thursday afternoon’s slide overnight. Gapping down Friday tested the 1.0725 buy signal that had been recovered Tuesday, and then ranged there choppily ahead of this weekend’s French election results.

Gold Jun Contract (GC, ETF: (GLD))
Firming Friday all but fulfilled the minimum likely objective at 1290.70, with potential also to fill the gap from testing the rally’s 1294.00 target before reversing down to and through 1274.00.

Silver May Contract (SI, ETF: (SLV))
Thursday’s test of 17.90 support was repeated Friday, and still being tested through the close, needing to recover 18.18 to launch another probe of fresh highs above 18.55.

30-year Treasury Jun Contract (US, ETF: (TLT))
Firming overnight and Friday morning to test at least 154-24 keeps alive the attraction to filling the gap back up to Tuesday’s close.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s consolidation of the 51.05 target that was met Wednesday was resolved down Friday morning to test 49.25, attacking the 48.90 buy signal that had originally triggered the rally to 53.55. The area is pivotal, and almost any strength maintained through Monday morning would target 51.05.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Greeting Friday at or above 3.13 initially continued the hovering there that had defined the week’s lows, but it broke lower into the afternoon. Unless 3.13 were recovered through Monday morning, the trend has now reversed down.

Posted in Bigger Picture, Daily Spot, members-only