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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | May 10, 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))
Surging at Thursday’s open wasn’t capable of extending because a bottom had not formed. But retracing Thursday’s opening surge to test the prior two-day range as support does form a bottom. Now closing above 1.1977-1.2025 would signal that momentum is reversing up.

Gold Jun Contract (GC, ETF: (GLD))
Still not resuming the decline remained vulnerable to a bigger detour. Thursday’s open gapped up through the 1316.00 bounce limit and extended higher to test 1323.00. A pullback held 1316.00 and recovered back to 1323.00. It’s still likely only a detour, but a detour targeting a test of its 1329.00 bounce limit.

Silver Jul Contract (SI, ETF: (SLV))
Wednesday had outperformed by probing fresh highs up to 16.65. Thursday gapped up to Wednesday’s high to attack 16.80, which the balance of the session hovered under. Any higher would target a test of 16.95.

30-year Treasury Jun Contract (US, ETF: (TLT))
Wednesday’s gap down under the 142-07 sell signal had not extended intraday, remaining vulnerable to at least a corrective bounce. Thursday’s 30-year auction went off without difficulty, but a bounce held tests of 142-07. A fresh low on Friday would be credible for extending down into and out of the weekend. Otherwise, Thursday’s failure to confirm Wednesday’s breakout leaves open open potential to trigger the 143-19 buy signal.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Ranging narrowly at the recovery highs Thursday allows the pullback limit to be raised to 70.25, while the 74.10 target remains intact.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report wasn’t greeted from a position of strength, but that didn’t prevent surging back up to attack last Tuesday’s 2.82 highs. A second consecutive higher close on Friday would get every benefit of the doubt for launching a new upleg. Otherwise, Thursday’s surge should be retraced quickly to confirm downside momentum remains intact.

Posted in Bigger Picture, Daily Spot, members-only