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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | June 5, 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))
Monday’s reversal down from its 1.1755 bounce limit gapped down Tuesday to 1.1675. That filled the gap back to Friday’s close, and its natural support helped to launch a bounce back up to 1.1740. Another break under Monday’s 1.1688 low would target the gap back down to last Tuesday’s 1.1550 low close.

Gold Aug Contract (GC, ETF: (GLD))
Another attack on recent lows down to 1293.50 was recovered through the morning to attack 1305.00, filling the gap back up to last Thursday’s close. The attraction above didn’t require being neutralized, but now there is no excuse to further delay breaking under 1295.00 and resuming the decline.

Silver Jul Contract (SI, ETF: (SLV))
Overnight weakness down to 16.37 was recovered back into positive territory to test 16.55 resistance. Closing any higher would have been bullish, but delaying the decline’s resumption is not bearish.

30-year Treasury Sep Contract (US, ETF: (TLT))
Monday’s shallow break under the much-tested 143-20 sell signal was retraced immediately by gapping back up to it Tuesday. The rejection wasn’t exploited by firming any further, as the session essentially fluctuated narrowly around 143-20.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh lows overnight at 64.22 didn’t extend down intraday. While a buy signal can be calculated at 66.25, it’s too late to greet either Tuesday’s post-close API or Wednesday’s EIA reports from a position of strength. So, a negative knee-jerk reaction down can’t be discounted, or its potential to extend down further.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Last Thursday’s gap up to prior highs under 3.00 had not extended or retraced, not until Tuesday’s opening dip filled the gap back down to last Wednesday’s 2.88 close. It can be tested down to 2.85 before signaling something more substantial underway. Meanwhile, at least one more new trend high close remains outstanding.

Posted in Bigger Picture, Daily Spot, members-only