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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | May 10, 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))
Ranging narrowly Wednesday around Tuesday’s lows hovered at the lower-end of the recent two-week range, and still above the pullback’s potential to 1.0865. Closing back above 1.0920 would target filling the gap back to last Friday’s 1.1010 close if not also retesting the rally’s 1.0525 target.

Gold Jun Contract (GC, ETF: (GLD))
Bouncing overnight touched the ~1226.00 lower-end of the recent consolidation, and reacted down Wednesday toward Tuesday’s lows. The 1206.00-1211.00 target area remains in-play.

Silver Jul Contract (SI, ETF: (SLV))
Rallying overnight back into the recent range prevented confirming Tuesday’s breakout from its recent range. The range’s resistance did hold, so the decline’s 15.95 target area remains in-play.

30-year Treasury Jun Contract (US, ETF: (TLT))
Gapping up slightly Wednesday had just begun testing “higher prior lows” at 151-10 before its reaction filled the gap back down to Tuesday’s 150-24 close. Closing above Wednesday’s high would launch a rally having potential to 152-18.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s gap up spiked higher in reaction to reporting the biggest inventory draw since last year. the 47.65 target was met, and could be extended to 48.45 so long as 47.20 holds as support.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Tuesday’s rally extended by gapping up into Wednesday’s open to test 3.27 resistance, then spiked up to fresh highs at 3.35. Unfinished business below, or not, The next higher target is 3.42-3.45 so long as 3.27 isn’t broken through Thursday’s close. And this does suggest that Thursday’s EIA report is being greeted from a position of strength.

Posted in Bigger Picture, Daily Spot, members-only