Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the disable-gutenberg domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/jwl23/public_html/rd.johnlander.me/wp-includes/functions.php on line 6131
Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | June 7, 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))
Wednesday’s Island pattern at 1.1800 didn’t reverse down Thursday under its 1.1745 trigger, but gapped up to its 1.1835 room for noise. .

Gold Aug Contract (GC, ETF: (GLD))
Thursday’s open probed Tuesday and Wednesday’s 1305.00-1306.00 highs. The gap back to last Thursday’s 1305.00 close had been filled already, without extending higher. Thursday’s test also didn’t extend higher, and reacted back down to test 1300.00 as support. Closing beyond either end of Thursday’s range would likely trend in that direction.

Silver Jul Contract (SI, ETF: (SLV))
Gapping up through prior highs Thursday dipped post-open but held the 16.80 buy signal as support. The second consecutive higher close confirms Wednesday’s breakout and requires at least an eventual third higher close before another downleg would be reliable.

30-year Treasury Sep Contract (US, ETF: (TLT))
The gap back down to 142-00 was filled to within 1 tick overnight, which isn’t optimal for actually testing it. So, closing back above 142-22 wouldn’t reverse momentum up, but allows one more intraday dip that’s likely to recover. Dipping without first closing back above 142-22 would be likelier to extend down.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
With all current reports freshly past, and their negative reactions holding prior lows, there’s no bullish reason to much delay triggering a recovery underway back above 66.25. Firming Thursday started attacking the trigger to within 20 cents, which should be extended into the weekend if valid.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report was greeted from a position of strength. A negative knee-jerk reaction down would have been compelling to buy, but the session already gapped up and and only drifted down on the news. At least an eventual third higher close at 3.00 or higher remains outstanding.

Posted in Bigger Picture, Daily Spot, members-only