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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | May 18, 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))
Gapping down to Thursday’s low at 1.1800 probed fresh lows intraday before recovering to close back above Thursday’s low. Closing back above Friday’s 1.1835-1.1840 high would fulfill a bottoming pattern, albeit one-day delayed from more optimal timing.

Gold Jun Contract (GC, ETF: (GLD))
Friday’s fresh low stopped short of touching the overnight low before reversing back to the upper-end of Thursday’s range. Closing above the range’s 1292.00 upper-end could launch at least a detour to the decline, if not also start forming a bottom. The decline otherwise remains intact.

Silver Jul Contract (SI, ETF: (SLV))
There was no more excuse to delay resuming the decline after Thursday’s gap up. Friday’s opening drop filled the gap back to Wednesday’s close. The gap-fill reacted up, But its reaction up should be only temporary, and brief, to maintain the decline’s resumption.

30-year Treasury Jun Contract (US, ETF: (TLT))
Fulfilling the requirement for an eventual third lower close Thursday enabled Friday’s reaction up. The 141-04 bounce limit was tested intraday. Closing above it would suggest the downside momentum had lapsed.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s reaction down from the open’s new high back into the week-long narrow range was not rejected Friday. But neither did it extend down meaningfully, leaving untouched the 70.85 pullback limit, while the 74.10 objective remains in-play.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Prior highs were probed above 2.85 into the weekend, but still being overlapped at the close. Actually closing above prior highs is a difficult trend behavior to reverse for Natural Gas, and would make at least a probe of fresh highs Monday is likely. Regardless, any reversal down now requires closing back under 2.85 and then lower for a second consecutive session.

Posted in Bigger Picture, Daily Spot, members-only