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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | March 28, 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))
After gapping down at the open, Tuesday’s close had recovered back up to Monday’s lows. Still overlapping Monday’s lower-end kept alive potential for filling the gap at its upper-end. Flat overnight ranging nevertheless resolved down sharply through Wednesday’s open. And it extended down into the afternoon testing 1.2385. A second consecutive lower close under 1.2445 Thursday would reverse the trend down. Otherwise, closing back above 1.2445 and preferably higher would end the corrective dip.

Gold Apr Contract (jUN , ETF: (GLD))
Gapping down Tuesday had managed to close at or above 1341.00 support. Wednesday broke lower to test the next two supports at 1335.50 and 1325.50. That’s a lot of selling pressure to expend between closes, which doesn’t gain traction for the effort. Closing back above 1335.50 would signal that the pullback had ended. Otherwise, closing lower Thursday would all but reinstate 1291.50.

Silver May Contract (SI, ETF: (SLV))
Closing at 16.50 Tuesday avoided triggering its sell signal there, and also required breaking under 16.40 for confirmation. Wednesday did trend down, probing under 16.40 to 16.25. A bounce has room up to 16.50 but closing back above 16.55 would signal momentum reversing up.

30-year Treasury Jun Contract (US, ETF: (TLT))
Tuesday’s break above 145-04 extended higher Wednesday morning to 146-10. Reacting down intraday to 145-28 still has room to 145-16 without invalidating the upside momentum.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Hovering for a couple of days at the highs doesn’t invalidate upside momentum, but it does suggest that extending higher requires a pullback before extending to the 66.88 target. Wednesday’s dip tested the 64.64 pullback limit down to  63.70. Closing back above 64.64 would be optimal for isolating the test, or at least rallying early Thursday.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Tuedsay’s recovery to 2.70-2.71 resistance didn’t extend higher Wednesday,  keeping alive the likelihood that its corrective bounce is ending and that the 2.62 low will be broken more aggressively on the way down to 2.52.

Posted in Bigger Picture, Daily Spot, members-only