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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | April 23, 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 Jun Contract (EC, ETF: (FXE, UUP))
Monday’s open gapped down under Friday’s 1.2300 low and trended down throughout to fresh lows at 1.2256. Bounces should hold 1.2290-1.2300 to maintain the decline’s momentum.

Gold Jun Contract (GC, ETF: (GLD))
Gapping down Monday to 1329.00 extended down slightly further intraday to test 1324.00. That’s the lower-end of April’s range, and anything lower would put back into play 1310.00 and potentially also 1294.00. Bounc es meanwhile have room up to 1340.00 before suggesting the trend has reversed up.

Silver May Contract (SI, ETF: (SLV))
Sunday night’s probe under Friday’s 17.05 pre-open low extended to 16.90, which was extended further intraday to test 16.60. Immediately recovering 16.90 Tuesday would be crediblle for at least filling the gap back up to Friday’s close around 17.20, but the near-term trend otherwise points to 16.40.

30-year Treasury Jun Contract (US, ETF: (TLT))
Gapping down Monday to fresh lows probed lower intraday to 142-09 and held under Thu-Fri’s bearish falling wedge pattern.. The trend remains down so long as 143-20 isn’t recovered

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s gap down reversed up arbitrarily to fill the gap back up to Friday’s close around 68.35. Holding the gap keeps alive potential for a more substantial reaction down. Otherwise, a higher close on Tuesday would target a retest of the 69.50 target.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Thursday’s significant sell-off still wasn’t rejected Tuesday, but further delayed resolving down for yet another test of 2.75 resistance.

Posted in Bigger Picture, Daily Spot, members-only