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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | April 16, 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))
The gap back up to last Wednesday’s 1.2430 close was filled by Monday’s gap up, which extended to 1.2450. The extension was retraced back down to 1.2430, which must hold as support to maintain the rally’s potential for extending to 1.2480 and 1.2535.

Gold Jun Contract (GC, ETF: (GLD))
Friday’s firming extended coming out of the weekend as Monday morning tested 1353.50. Just closing above 1344.00-1347.25 maintains the 1361.00-1364.00 objective.

Silver May Contract (SI, ETF: (SLV))
A retest of 16.80 was all but completed by Monday morning’s extension of Friday’s bounce back above 16.50-16.55 testing 16.77.

30-year Treasury Jun Contract (US, ETF: (TLT))
Friday’s dip to the 145-04 pullback limit had only firmed intraday, and already probed lower into Monday’s 144-24 open without correcting first to 146-10. Monday’s gap down to 144-24 reacted up to unchanged, keeping alive the corrective bounce potential and its 146-10 target.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s fresh high at 67.65 was probed by a dime Sunday night and then reversed down intraday to test 66.15, all still fluctuating around 66.88 without yet putting into play 69.50.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Friday’s gap up to 2.75 was probed Monday up to 2.78, then reversed back down to 2.75, which must hold to remain only a temporary corrective bounce.

Posted in Bigger Picture, Daily Spot, members-only