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 11, 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))
Monday’s narrow ranging wasn’t contained entirely within Friday’s range, but it only fluctuated around unchanged. And Friday itself was an Inside Day, biased-upward, which suggests that buyers are weak-handed and the recent low will be retested.

Gold Apr Contract (GC, ETF: (GLD))
Gapping down Monday back to the 1295.70 buy signal was extended intraday to attack 1290.00 support, in proximity of filling the gap back to Thursday’s 1286.50 close. Meanwhile, any close back above 1295.70 would be credible for resuming the rally.

Silver May Contract (SI, ETF: (SLV))
Monday morning’s test and retest of the 15.27 buy signal as support ultimately went out fluctuating narrowly around it, with a close above 15.40 still needed to confirm the rally is underway.

30-year Treasury Jun Contract (US, ETF: (TLT))
Gapping down Monday within Friday’s range was retraced to fill the gap back up to Friday’s close, which held, and reacted back down to the morning’s 145-17 lows — still above the pre-open 145-11 low. No higher objective is required since the confirmed breakout’s minimum third higher close was fulfilled Friday. A pullback currently has room down to 145-04 before reversing the trend down.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s post-open recovery gapped up Monday and extended quickly to touch the 57.00 buy signal. Again. Unlike last week’s last 3 tests, the signal was retested intraday. Both tests reacted down, but 57.00 was still attacked again. Closing above it would be likely to extend higher without delay.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Sunday’s open gapped down and extended lower for Monday’s gap down to test the 2.78 sleeper low. Ranging flat-to-lower through the morning did not gaining traction to the downside, and keeps alive a likelihood for filling the gap back up to Friday’s 2.86 close — if not also if not also for resuming the rally above 2.89 resistance.

Posted in Bigger Picture, Daily Spot, members-only