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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | March 26, 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))
Friday’s close above the 1.2410-1.2425 bounce limit had coincided with downtrending resistance. Monday’s open gapped up through it and trended sharply higher intraday to 1.2535. Upside momentum remains intact so long as 1.2480 holds as support.

Gold Apr Contract (jUN , ETF: (GLD))
Flat-to-lower ranging Sunday night resolved up Monday to probe fresh recovery highs at 1358.00 filled the 5-week old gap at 1354.00. Momentum remains up so long as 1347.00 now holds as support.

Silver May Contract (SI, ETF: (SLV))
Gapping up Monday was initially resisted by Friday’s test of 16.65, but it eventually broke higher. Its reaction down held 16.65 as support to maintain the rally’s momentum.

30-year Treasury Jun Contract (US, ETF: (TLT))
Recovering to close back above 144-22 again Monday after Sunday night’s retest of Friday’s lows further suggests that the 144-22/145-04 range’s upper-end will still be broken before a durable break lower can develop.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday already fulfilled the confirmed breakout’s minimum requirement for an eventual higher close. The upside momentum next targeting 64.88 remains intact so long as pullbacks now hold 64.64 as support.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
The long-awaited 2.62 target was finally touched Friday, and its shallow reaction up extended Monday to 2.67. This should be the bounce’s peak before resuming the decline to 2.52, which remains likely since so much optimism preceded the eventual first objective’s test.

Posted in Bigger Picture, Daily Spot, members-only