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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | May 1, 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))
The Dollar squeeze continued Tuesday, so the Euro’s inside day Monday resolved down as was expected. The gap down to 12061 will need to be filled from above, but the next opportunity for a bottom would be to fill it after probing back above Monday’s 1.2148 high.

Gold Jun Contract (GC, ETF: (GLD))
Monday’s post-open bounce had failed to gain traction, and now Tuesday’s reversal to fresh lows has confirmed the breakout from a multi-session range. At least an eventual third lower close is required. Meanwhile, the bigger picture is targeting 1294.00.

Silver Jul Contract (SI, ETF: (SLV))
Closing Friday under 16.45 wasn’t rejected by Monday’s bounce. The decline resumed overnight and extended sharply lower through Tuesday morning to fresh lows.

30-year Treasury Jun Contract (US, ETF: (TLT))
Fulfilling the corrective bounce’s likely objectives Monday up to 143-07/143-26 allows overnight weakness to gap down Tuesday and to probe under the 143-07 sell signal that would be triggered through the close. Fluctuating around it intraday was still testing it, and almost any initial weakness Wednesday would be credible for extending down.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s surge was already retraced to “lower prior highs” of last week’s consolidation. Resuming the rally required ending the pullback there, but it didn’t. Fresh lows Tuesday may be on their way to probe under Monday morning’s 67.15 lows to the 66.75-66.80 support that was being attacked with the news originally hit.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Friday’s drop was retraced a little Monday back above the 2.76 bounce limit. Tuesday’s gap up was retraced to fluctuate around 2.78-2.82. Friday’s confirmed break still requires at least an eventual third lower close, which would be difficult if this week’s bounce isn’t rejected immediately Wednesday.

Posted in Bigger Picture, Daily Spot, members-only