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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | May 12, 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))
Surging at Friday’s open triggered the 1.0920 buy signal, which was extended intraday. A second consecutive higher close would confirm the gap back to the prior Friday’s close and probably also a retest of 1.1025 is underway.

Gold Jun Contract (GC, ETF: (GLD))
The bounce extended Friday, probing temporarily into the 1228.00-1236.00 range. Closing within it would all but ensure testing its upper-end. Otherwise, another downdraft to the 1206.11-1211.00 target is imminent.

Silver Jul Contract (SI, ETF: (SLV))
Extending higher overnight tested prior highs that had preceded the recent break lower. Closing any higher Monday would all but invalidate the attraction to 15.95, at least in the near-term.

30-year Treasury Jun Contract (US, ETF: (TLT))
Bouncing Friday morning through 151-02 touched the decline’s original 151-22 target. Closing any higher would signal momentum reversing up, but backing-and-filling first wouldn’t be surprising in even the most bullish scenario.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Ranging narrowly Friday didn’t extend to the 48.85 target, but also didn’t reject the 47.65 recovery. There’s no assurance of actually extending the rally until closing above 48.85.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Friday morning extended the rally up to the lower-end of the 3.42-3.45 target area. There is potential to one more higher close, but no higher so long as 3.45 holds as resistance.

Posted in Bigger Picture, Daily Spot, members-only