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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | April 11, 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))
Tuesday’s gap up above the 1.2390 buy signal was corrected intraday to essentially fill the gap back down to Monday’s close. Wednesday’s gap up dipped back into negative territory, and closing positive would help to confirm 1.2510-1.2535 is in-play so long as 1.2405 now holds as support.

Gold Jun Contract (GC, ETF: (GLD))
Rallying through 1344.00 overnight extended higher to gap up Wednesday to 1354.00, and trended higher to attack 1369.50. Pullbacks should now hold 1361.00 (which was being tested into the afternoon) to maintain the rally’s momentum next targeting 1383.50.

Silver May Contract (SI, ETF: (SLV))
Wednesday’s rally began at the open instead of already having gotten underway overnight. Its 16.80 target was probed during the morning to attack 16.89, but ultimately dipped into the afternoon Higher highs would target 17.20 and potentially 17.70.

30-year Treasury Jun Contract (US, ETF: (TLT))
Flat-to-higher ranging overnight began firming ahead of Wednesday’s open, gapping up and extending higher to fill the gap outstanding from last Monday’s 146-26 close. The minimum objective is fulfilled, and last Friday’s unimpressive start to this leg now requires pullbacks to hold 146-02 as support.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
War talk drove price sharply higher overnight to gap up Wednesday and fulfill the 66.88 target during the morning. Probing higher intraday to 67.45 now requires pullbacks to hold 66.60 as support to maintain potential for extending to 69.50. Back under 66.05 would signal momentum reversing down.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Still fluctuating within the 2.65-2.70 range Wednesday is not greeting Thursday’s EIA report from a position of strength. The attraction to retest 2.62 persists, if not also the likelihood for probing it down to 2.52, but that’s not a position of weakness.

Posted in Bigger Picture, Daily Spot, members-only