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 | April 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 Jun Contract (EC, ETF: (FXE, UUP))
Thursday’s reaction down from Wednesday’s test of the 1.1322 prior high continued forming a inverted Head & Shoulders. Maintaining its symmetry would require breaking higher into the weekend. Otherwise, fresh lows down to 1.1225 would be likely, and would be a likely spot to launch a recovery leg.

Gold Jun Contract (GC, ETF: (GLD))
Wednesday’s narrow sideways ranging gapped down Thursday to 1291.30 and probed under it to test 1285.00. Recovering back up to 1291.30, having gapped down to it and not under it, allows a rally to begin without delay if triggered by Friday’s Employment Situation report.

Silver May Contract (SI, ETF: (SLV))
Thursday’s gap down through the 14.90-14.95 prior lows extended to 14.85 while retesting the open’s gap, and before reversing up sharply back above the prior lows. Closing negative kept alive enough pessimism that any knee-jerk favorable reaction to Friday’s Employment Situation report would be credible for triggering the 15.15 buy signal and extending higher into the weekend.

30-year Treasury Jun Contract (US, ETF: (TLT))
Although Wednesday’s test of the 147-17/147-25 pullback limit didn’t extend down Thursday, neither was it rejected, not even back above its 148-02 bounce limit. So, Friday’s Employment Situation report is being greeted from a position of weakness. A favorable knee-jerk reaction has room up to 148-16 before suggesting that a recovery has begun anyway.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s test of the 62.00 pullback limit was probed by another dime ahead of Thursday’s open, which bounced back up toward recent highs. Now closing under the pullback limit’s 61.90 retest would trigger at least a preliminary sell signal.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Neutralizing the attraction back down to Friday’s 2.66 close on Wednesday had avoided greeting Thursday’s EIA from a position of weakness, but a position of strength before or after the report had required closing above 2.72. The negative knee-jerk reaction probed fresh lows down to 2.63, which must be recovered into the weekend to even begin reversing momentum up.

Posted in Bigger Picture, Daily Spot, members-only