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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | April 2, 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 Monday was retraced entirely to fill the bap back down to Thursday’s 1.2375 low close and to test Thursday’s 1.2350 intraday low. There’s already a confirmed breakout, requiring at least an eventual third lower close.

Gold Jun Contract (GC, ETF: (GLD))
Sunday night’s rally eventually did extend enough for its gap up to 1339.00 and intraday rally to fill the gap back up to last Tuesday’s 1349.50 close. Back under 1339.00 would resume the decline.

Silver May Contract (SI, ETF: (SLV))
Gapping up to 16.40 and probing above it Monday extended through 16.50-16.55 to leave another gap outstanding back down to Thursday’s 16.27 close. Back under 16.40 would put it back into play.

30-year Treasury Jun Contract (US, ETF: (TLT))
An overnight dip greeted the open testing the 146-02 pullback limit, but only briefly before reversing back up and extending to fresh highs testing 147-00. Extending to 147-18 no requires pullbacks to hold 146-08 as support.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s recovery filled the gap back up to last Tuesday’s 65.25 close, which Monday’s open exploited by reversing down sharply through the 64.64 pullback limit to 62.95. And there’s room down to 62.62 before suggesting a deeper detour from the 66.88 objective is underway.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Gapping up above the 2.70 bounce limit Thursday wasn’t a buy signal, and kept the door open to resuming the decline if done aggressively. Monday’s open plunged down to 2.68 and 2.65, closing at or under downtrending resistance to  to suggest the decline has resumed, targeting fresh lows at 2.52.

Posted in Bigger Picture, Daily Spot, members-only