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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | May 8, 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))
Four consecutive sessions probing fresh lows and closing at prior session’s low never gained traction for its intraday reversals, leading to a capitulative session Tuesday. This still prevents an immediate recovery attempt from extending higher without at least first retesting the lows.

Gold Jun Contract (GC, ETF: (GLD))
Another day of holding the 1316.00 bounce limit finally resolved down Tuesday to attack 1306.00. Bit was retraced to retest 1316.00 before resuming the decline, which stills needs fresh lows to confirm.

Silver Jul Contract (SI, ETF: (SLV))
Overlapping or testing the 16.45 bounce limit was interrupted by a shallow dip to 16.33 that recovered to resume testing 16.45. Resuming the decline has no reason for further delay.

30-year Treasury Jun Contract (US, ETF: (TLT))
Overlapping the 143-07 sell signal again intraday Tuesday still needs to decisively break under it, or else become even more vulnerable to launching a new upleg as more selling pressure is expended without yet having gained traction for its effort.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Volatility was intense ahead of the President’s JCPOA announcement. Monday’s fresh high at 70.85 had created room for a pullback down to 68.85 or 68.25, both of which were probed down to 67.65. Bouncing back above 68.85 to 70.40 confirms 74.10 is in-play, especially if confirmed by a second consecutive higher close Wednesday.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Monday’s bounce was just a different version of Friday’s consolidation, neither one reversing the re-established downtrend. But the downtrend doesn’t need to conduct any further backing-and-filling before break to fresh lows, if that is still its intent. Tuesday’s dip back into Friday’s range is a good start, but still can’t afford to hesitate extending to fresh lows.

Posted in Bigger Picture, Daily Spot, members-only