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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | March 23, 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 Friday above the 1.2410 bounce limit that had held Thursday, was extended intraday to 1.2445 where closing any higher would target the gap above at 1.2460. Back under 1.2390 would resume the decline.

Gold Apr Contract (jUN , ETF: (GLD))
Holding 1325.50 as support Thursday allowed trending higher overnight to probe Wednesday’s FOMC reaction high. Gapping up Friday above the prior 5 weeks’ highs is now targeting a gap fill at 1355.00-1357.00.

Silver May Contract (SI, ETF: (SLV))
Thursday’s pullback to 16.40 was still being tested through the close, so not necessarily recovered. Firming overnight extended intraday to pierce Wednesday’s post-FOMC peak at 16.65 resistance.

30-year Treasury Jun Contract (US, ETF: (TLT))
The 144-22 rock and 145-04 hard place was trying to break lower into Friday’s open. Gapping down to 144-06 was recovered back into the range, pausing pessimistically short of filling the gap back up to Thursday’s 144-28 close.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Having held the 64.25 pullback limit Thursday, the rally could resume to fulfill its minimum requirement for at least one more higher close. Friday’s gap up extended to fresh highs testing 65.65, potentially fulfilling its minimum requirement.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
The longstanding 2.62 objective was finally fulfilled by Friday’s gap down that extended slightly lower. Slightly lower, and then no lower, as the session ranged narrowly, hovering optimistically above 2.62. That behavior continues to suggest that 2.62 will be broken on the way down to 2.52.

Posted in Bigger Picture, Daily Spot, members-only