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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | April 25, 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 gap down wouldn’t allow reversing back up soon, certainly not by Tuesday’s weak bounce. And that reacted down overnight to gap down Wednesday under Monday’s 1.2245 low. A bounce now has room up to the gap at Tuesday’s 1.2285 close before even threatening to reverse the trend up.

Gold Jun Contract (GC, ETF: (GLD))
Tuesday’s shallow obligatory bounce was retraced entirely overnight to gap down Wednesday morning. Ranging sideways between 1320.00-1324.00 hovered exclusively under prior lows that each had threatened to extend down previously. Bounce meanwhile have room up to 1330.50 without reversing the trend up.

Silver May Contract (SI, ETF: (SLV))
Gapping down under Monday’s lows Wednesday also fluctuated around the 16.50 pullback limit whose break under 16.40 would be unlikely to recover before probing fresh lows.

30-year Treasury Jun Contract (US, ETF: (TLT))
Although nothing was bullish about Monday or Tuesday’s patterns, a corrective bounce was possible. But fresh lows overnight produced another gap down Wednesday that once again makes any recovery attempt unlikely to extend before the weekend. A bounce has room up to 142-25 while still being likely to extend down to 141-04.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Choppy sideways action Wednesday morning filled the gap back down to Monday’s 67.10 open. Being the lower-end of the past week’s range, Thursday is free either to probe under the range and trend down, or else bounce to probe the range’s upper-end and retest the rally’s 69.50 target.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Tuesday’s close above the 2.75 bounce limit extended higher to touch the range’s 2.79 upper-end. The pattern’s sell signal remains unchanged at 2.72 probed intraday. Thursday’s EIA report is being greeted from a position of strength, but a knee-jerk reaction down would still be credible.

Posted in Bigger Picture, Daily Spot, members-only