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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | May 11, 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))
Already firming into Friday’s open held its gains to test Thursday’s 1.1975 high. That’s the beginning of resistance up to 1.2025 whose recovery would signal a bounce underway, if not also the trend reversing up (i.e. bottom).

Gold Jun Contract (GC, ETF: (GLD))
Gapping up Friday to 1326.00 was $2-3 short of the corrective bounce potential. But reversing down intraday back under Thursday’s highs filled the gap back down to natural support at Thursday’s close. The reversal also helped to avoid a second consecutive higher close that otherwise could have prolonged the rally.

Silver Jul Contract (SI, ETF: (SLV))
Fresh recovery highs tested the 16.80 corrective bounce target Friday morning, probing it and then reversing back under it. Holding its resistance would help to maintain the corrective bounce pattern, but reversing down immediately wouldn’t be necessary.

30-year Treasury Jun Contract (US, ETF: (TLT))
Rallying overnight touched the 143-19 buy signal Friday morning, and held it. Reversing back down tested the 143-07 sell signal, and fluctuated around it. Having tested both, their support and resistance should be weakened sufficiently to break durably in either direction.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Another narrowly ranging session at the highs helps to entrench the uptrend still targeting 74.10. But another narrowly ranging session without yet extending the rally does start making a temporary corrective dip likelier. There’s room down to 70.25 before suggesting anything deeper underway.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Ranging narrowly and essentially flat on Friday didn’t reject Thursday’s rally back to the 2.82 corrective bounce’s high. But neither was Thursday’s rally confirmed, so no higher close is required. That said, another fresh high close at this stage of the pattern would still be more bullish than bearish.

Posted in Bigger Picture, Daily Spot, members-only