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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | April 27, 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))
Friday’s gap down to test 1.2100 was recovered through the morning to fill the gap back up to Thursday’s 1.2145 close. Friday’s open is under all prior lows, so it will need to be filled before a durable recovery would be credible. An immediate interim bounce has room up to 1.2215.

Gold Jun Contract (GC, ETF: (GLD))
Thursday’s 1316.00 low wasn’t probed Friday, which bounced within Thursday’s range up to 1325.00. There’s room up to 1329.00 while still being likely to resolve down, next targeting 1294.00.

Silver Jul Contract (SI, ETF: (SLV))
[Rolling coverage forward to Jul, which trades at a 5-cent premium to May]… Firming initially Friday touched 16.55 resistance before reversing back down to the 16.45 sell signal. At least a probe lower is now obligatory, while a confirmed break would launch a new downleg. Closing back above 16.75-16.80 — preferably after an intraday probe under 16.45 — would trap this recent weakness and launch a new upleg.

30-year Treasury Jun Contract (US, ETF: (TLT))
Thursday’s bounce was extended overnight to test the 142-25 buy signal, which was probed Friday up to 143-09. Further upside potential up to 143-17 and 144-28 — or just closing under 142-06 — would still be likely to resolve down to 141-04.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Extremely narrow ranging around unchanged Friday is already unattractive for trading. Meanwhile, the pattern is developing at its range’s midpoint, making it even more difficult to anticipate the next move’s direction.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Far from being confirmed by a second consecutive higher close, Thursday’s fresh high close reacted down overnight to gap down Friday at 2.80 well under prior highs. Extending down to 2.77 only threatened the 2.76 sell signal, which must still trigger to reinstate the distributive pattern.

Posted in Bigger Picture, Daily Spot, members-only