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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | March 27, 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 Jun Contract (EC, ETF: (FXE, UUP))
Monday’s correction day had resolved back down to Friday’s lows Tuesday. Fresh lows developed overnight into Wednesday’s open, suggesting the decline has resumed, targeting prior lows.

Gold Apr Contract (GC, ETF: (GLD))
Firming overnight was retraced into Wednesday’s open and extended down to 1308.00 support. The rally can’t tolerate much if any further deterioration any lower.

Silver May Contract (SI, ETF: (SLV))
Wednesday’s retest of 15.27 represents a maximum pullback limit before trading any lower would invalidate the upside potential without yet triggering a new signal.

30-year Treasury Jun Contract (US, ETF: (TLT))
Already probing higher overnight to 150-00 after Tuesday’s shallow pullback held 149-00, suggests the rally intends to extend much higher, so long as 149-00 continues to hold as support.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Only filling the gap back up to 60.00 Tuesday ahead of Wednesday’s EIA allowed its negative knee-jerk reaction to fill the gap back down to Monday’s 58.90 close. Which held, along with the same uptrending support that had defined Friday and Monday’s lows, and for which there was no bullish reason to revisit at this stage.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Overnight weakness tested the 2.73 gap down that had yet to be filled from above. Rather than react up, Wednesday’s open gapped down, which greets Thursday’s EIA report from a position of weakness that would likely cause an initially favorable reaction up to fail.

Posted in Bigger Picture, Daily Spot, members-only