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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | April 13, 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 was still overlapping 1.2390 like Thursday, and also ranging narrowly around it, ultimately flat-to-higher, keeping alive the likelihood that Thursday’s gap down was only a temporary pullback.

Gold Jun Contract (GC, ETF: (GLD))
The 1339.00 test had tried extending down after Thursday’s close and before Friday’s open but still reacted back up above 1344.00 Friday morning, also testing the 1347.25 buy signal. Extending higher would target 1361.00-1364.00.

Silver May Contract (SI, ETF: (SLV))
Repeated efforts after Thursday’s close to extend down under 16.50 failed, allowing Friday morning to bounce back up above 16.60. Extending higher would target a retest of 16.80.

30-year Treasury Jun Contract (US, ETF: (TLT))
The corrective bounce potential from Thursday’s test of 145-02 was not very pronounced Friday, but at least the pullback has paused if not ended. Extending higher would target 146-10 before a bigger downleg becomes likely.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Multiple days of hovering narrowly around the 66.88 had already indicated the intent to probe higher, next targeting 69.50. Firming into the weekend may be the breakout that starts the next upleg.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Ongoing ranging between 2.65-2.70 finally resolved Friday, but it wasn’t down to retest the decline’s 2.62 target or lower. Friday gapped up and extended to test 2.75, whose recovery could marginalize sellers. I’m suspicious of that, since the gap back to Thursday’s close would want to be filled. Also, the first breakout attempt from an extended narrow range tends to be false.

Posted in Bigger Picture, Daily Spot, members-only