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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | May 11, 2017 - 3:06 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))
Initially dipping at Thursday’s open had barely touched the 1.0865 pullback potential before reversing up into positive territory. The dip wasn’t deep, so reversing wasn’t any great feat. It’s more relevant for having neutralize the potential attraction. Still closing above 1.0920 is needed to signal a retest of 1.1025 underway.

Gold Jun Contract (GC, ETF: (GLD))
Another overnight bounce probed Tuesday night’s high,but without reacting down through Thursday morning. This undermines the momentum of Tuesday’s breakdown, and allows for a bigger bounce to retest the upper-end of 1228.00-1236.00, but the gap outstanding to Monday’s close will require being filled.

Silver Jul Contract (SI, ETF: (SLV))
A bigger bounce Thursday than before Wednesday’s open was not rejected Thursday. The 15.95 target remains outstanding, regardless. But its test can be delayed if not already back in-play Friday morning.

30-year Treasury Jun Contract (US, ETF: (TLT))
Probing a fresh low overnight was recovered at least to fluctuate around Tuesday and Wednesday’s closes. The fresh low close keeps intact the ongoing series of lower lows and lower highs, needing to recover 151-02 to even begin signaling momentum reversing up.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
.Gapping up slightly Thursday eventually extended to fresh highs at 48.22, now capable of extending the rally so long as 47.65 holds as support. Otherwise, backing-and-filling would be likely.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Already gapping up ahead of Thursday’s EIA report reacted favorably, probing above Wednesday’s high. Unless rejected immediately Friday, the next higher objective is 3.42-3.45.

Posted in Bigger Picture, Daily Spot, members-only