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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | June 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))
Overnight strength ahead of Friday’s Employment Situation report only attacked Thursday’s pre-open highs before greeting the news back at unchanged around 1.1700. Probing Thursday’s lows down to 1.1630 was recovered back to almost unchanged. Not already reversing down into the weekend suggests the corrective bounce can still test 1.1745-1.1755.

Gold Aug Contract (GC, ETF: (GLD))
Overnight weakness spiked down in reaction to Friday’s Employment Situation report, and gapped down to Tuesday’s 1297.00 low. Probing it momentarily down to 1293.00 was recovered to attack Thursday’s 1305.00 close. Closing under the Tuesday-Friday lows would resume the decline.

Silver Jul Contract (SI, ETF: (SLV))
Greeting Friday’s Employment Situation report in decline blipped-down in reaction but stopped optimistically short of touching Tuesday’s 16.31 low. Bouncing back into positive territory tested 16.45-16.55 as resistance.

30-year Treasury Jun Contract (US, ETF: (TLT))
Growing potential for a retest of Tuesday’s 146-23 high was avoided by the reaction down to Friday’s Employment Situation report testing the 144-20 sell signal. Fluctuating around the signal through the morning  .

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Returning intraday to the 66.63 low of Thursday’s gap down prevented sellers from gaining traction. But it didn’t prevent probing lower overnight, and Friday back down to Tuesday’s 65.75 low. Another close above 67.90 is needed to resume the recovery.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Thursday’s break above the multi-session range was a breakout, but it wasn’t confirmed by a second consecutive higher close Friday. At least an eventual higher close at 3.00 or more remains outstanding from the prior week’s confirmed breakout.

Posted in Bigger Picture, Daily Spot, members-only