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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | May 4, 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))
Thursday finally resolved the pattern’s likely probe higher, with potential for extending to 1.1025 before being able to reverse down.

Gold Jun Contract (GC, ETF: (GLD))
Having missed the potential for bouncing from 1245.00, Wednesday night slid to test the upper-end of 1228.00-1236. Extending sharply lower through Thursday morning tested the range’s lower-end to 1225.70. The range must be recovered through two consecutive closes before suggesting a bottom is forming. Otherwise, the next lower objective is 1206.00-1211.00.

Silver Jul Contract (SI, ETF: (SLV))
The Up/Down-crash’s resolution down under 16.80 extended down sharply Thursday morning to test 16.20, targeting 15.95. Bounces meanwhile should peak before testing “higher prior lows” at 16.50.

30-year Treasury Jun Contract (US, ETF: (TLT))
Gapping down Thursday to what had been the decline’s 152-08 bounce limit extended to probe the decline’s 150-20 target down to 151-11. Still testing the decline’s original target or bouncing off of it would form a bottom upon closing above 152-18. Otherwise, the next lower objective is 150-22.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Breaking sharply lower Thursday to fresh trend lows at 45.40 created potential for a reversal setup that would trigger by closing at least back above 45.60 and preferably also above 46.15. A corrective bounce would target 47.65.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report was greeted from a position of weakness. Its knee-jerk reaction was muted, but price weakened intraday back to Tuesday’s lows, keeping in-play the attraction to fresh lows under 3.11.

Posted in Bigger Picture, Daily Spot, members-only