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 | March 4, 2019 - 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 Mar Contract (EC, ETF: (FXE, UUP))
Already lacking a bullish excuse to further delay resuming the rally, Sunday night’s dip was exacerbated Monday to fully retest the 1.1333 original buy signal to attack 1.1320. The buy signal’s minimum objective was met already, but holding its test on this pullback may allow another buy signal to form.

Gold Apr Contract (GC, ETF: (GLD))
Sunday night’s dip fulfilled the likelihood for extending to another fresh low before being able to signal momentum reversing up. Monday’s open under the likely 1290.00 support extended down to 1284.00 to allow a close back above 1290.00 to signal a bottom is forming.

Silver May Contract (SI, ETF: (SLV))
The most bullish path lower would have bounced first Sunday night or Monday before probing fresh lows, but fresh lows were already being probed at Monday’s open and the 15.10 objective was met and held. Back above 15.40 would signal the trend reversing back up.

30-year Treasury Jun Contract (US, ETF: (TLT))
Only a little further weakness was required Sunday night to fulfill the retest of prior lows at 143-22. That was greeted by a catalyst for rallying in a “flight-to-safety” as the stock market’s gap up reversed into a collapse Monday morning. But its high held the prior pattern’s 144-14 low as resistance, which does not qualify as reversing momentum up.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Firming into Monday was capable of resuming the rally, but not yet assured since Friday’s low had filled the outstanding gap below only nominally. An early test of the 57.00 buy signal held as the session only ranged sideways.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Probing higher Sunday night was erased before Monday’s open, and the session only ranged narrowly. The pattern can’t tolerate any delay to resuming the rally at this stage of the setup if upside momentum remains intact.

Posted in Bigger Picture, Daily Spot, members-only