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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | March 29, 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))
Wednesday’s break extended down Thursday to 1.2355, and a second consecutive lower close confirms the 1.2445 sell signal, and its potential down to 1.2245, or at least to produce one more lower close.

Gold Jun Contract (GC, ETF: (GLD))
[Rolling coverage forward to Jun, which trades at a 3.50 premium to Apr]… Not exploiting Wednesday’s closing test of 1329.00 support doesn’t prevent rallying out of the weekend, and eventually filling the gap outstanding from Monday’s 1360.00 close. But it does all but require exiting the weekend in rally mode.

Silver May Contract (SI, ETF: (SLV))
Thursday’s flat and narrow ranging didn’t reject Wednesday’s break under 16.40. But neither did it confirm the break. The sell signal remains valid so long as it a reaction up doesn’t recover 16.50.

30-year Treasury Jun Contract (US, ETF: (TLT))
Interim weakness easily held its pullback limit for fresh highs Thursday testing 146-23. The trend remains up so long as 146-02 now holds as support. But there is no requirement for another higher close.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
A brief deeper dip to 63.60 still recovered back up to the 64.64 pullback limit Thursday, and then extended higher to probe 65.00, still targeting 66.88.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Firming overnight into Thursday’s gap up wasn’t rejected intraday. Its probe above 2.70 resistance touched 2.76. Having probed above the optimal bounce limit. Aggressively resuming the decline is the most credible path down.

Posted in Bigger Picture, Daily Spot, members-only