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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | April 28, 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))
Friday’s gap up remained withing Thursday’s range, and within the orbit of this week’s high, which is likely to be retested before a substantial reversal down can trigger under 1.0860.

Gold Jun Contract (GC, ETF: (GLD))
Friday’s shallow firming still qualifies as the third consecutive session of ranging narrowly sideways, which is not in itself relevant, except for developing at recent lows. At least a blip-down or some other probe of fresh lows is likely to precede a credible rally effort.

Silver Jul Contract (SI, ETF: (SLV))
Friday was the fourth consecutive trending session to probe fresh lows intraday, approaching a relevant support at 17.09. More significant is the ten consecutive sessions of trending down, forming a potential Up/Down-crash setup.

30-year Treasury Jun Contract (US, ETF: (TLT))
The prior two choppy sessions were not accumulative, as proved by Friday’s dip piercing Tuesday’s prior low down to 151-28. That still short of the pullback’s 151-22 objective. Its reaction up filled the gap back up to Thursday’s close, already neutralizing its attraction above. A lower low remains likely so long as 153-10 isn’t recovered first.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s retest of the original rally’s 48.90 buy signal held at its 49.30 confirmation Friday, still needing to to close above Thursday’s high and 50.00 to signal momentum reversing up.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Gapping back up Friday to test Wednesday’s highs was unable to resume Tuesday’s surge, despite already having blipped-down in reaction to Thursday’s EIA report.

Posted in Bigger Picture, Daily Spot, members-only