Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the disable-gutenberg domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/jwl23/public_html/rd.johnlander.me/wp-includes/functions.php on line 6131
Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | March 22, 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))
Holding Wednesday’s bounce at the 1.2390-1.2410 bounce limit didn’t prevent probing higher overnight to test 1.2465. But that excess had disappeared by Thursday’s open, which extended back down intraday to 1.2365. Closing any lower would confirm the corrective bounce had ended, so long as 1.2390-1.2410 continues to hold as resistance.

Gold Apr Contract (jUN , ETF: (GLD))
Rallying ahead of Wednesday’s FOMC news and extending sharply higher after it as nonetheless retraced to test 1325.50 at Thursday’s low. At least closing back under it was needed to reinstate the downside momentum. Now closing back under 1319.00 is the nearest signal.

Silver May Contract (SI, ETF: (SLV))
Probing sharply higher into and out of and after Wednesday’s FOM events was retraced back down Thursday to test 16.40 down to 16.33. Just closing under 16.55 prevents launching a new upleg, and allows another close under 16.40 to resume the decline.

30-year Treasury Jun Contract (US, ETF: (TLT))
Ending Wednesday’s volatility at 143-16 continued to prevent sellers from gaining traction for their third consecutive daily effort. Gapping up more than 1 point Thursday through Monday’s 144-20 close was the consequence. It extended to probe last week’s 145-06 highs intraday, but the resistance held. Its reaction down to “lower prior highs” at 144-22 also held. Closing beyond either end of that range is likely to extend in that direction.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Confirming Tuesday’s breakout Wednesday now requires at least an eventual third higher close. Meanwhile, testing 65.00 created potential for reacting down. The 64.25 pullback limit was tested, with room down to 62.70 before undermining the near-term likelihood of resuming the rally to 66.85.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Wednesday’s reversal extended down slightly deeper Thursday. The behavior can’t yet be considered “ineffectual optimism” for approaching its 2.62 target with such a slow pace, but it doesn’t contradict the ongoing likelihood for breaking through it by at least a dime.

Posted in Bigger Picture, Daily Spot, members-only