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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | March 21, 2018 - 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 Mar Contract (EC, ETF: (FXE, UUP))
Gapping up Wednesday was already retraced before Wednesday’s FOMC policy statement to fill the gap back down to Tuesday’s 1.2235 close. Perhaps neutralizing its attraction enabled the favorable knee-jerk reaction up. Surging to 1.2405 also tested the 1.2390 bounce limit, which held to continue suggesting the downside momentum remains intact. Closing above 1.2410 would suggest otherwise.

Gold Apr Contract (jUN , ETF: (GLD))
Stopping short of the actual 1305.00 low had bounced Tuesday, and firmed further Wednesday ahead of the FOMC policy statement, then extended even higher. The original 1325.50 sell signal was tested as resistance, and must be rejected without further delay to reinstate the downside momentum.

Silver May Contract (SI, ETF: (SLV))
Tuesday’s bounce from fresh lows had not recovered relevant resistance, but Wednesday’s open gapped up and reacted favorably to the FOMC policy statement. Closing at or around 16.40 almost invalidates the downside momentum, which can be reinstated easily Thursday.

30-year Treasury Jun Contract (US, ETF: (TLT))
the knee-jerk reaction to Wednesday’s FOMC statement spiked up to 144-04 before collapsing to support at 143-04 down to 143-00. Closing under 143-16 would target 142-00, tentatively, still needing confirmation from a second consecutive lower close Thursday. Otherwise, recovering 144-04 Thursday would resume the rally.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Extending higher Wednesday to test 64.05 confirms Tuesday’s breakout close, next targeting 65.00 so long as 62.70 now holds as support.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Gapping up slightly Wednesday to test 2.73 was reversed back down to Monday’s lows under 2.66, and still presumably on the way down to 2.62 or lower.

Posted in Bigger Picture, Daily Spot, members-only