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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | April 9, 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))
Tuesday’s open was already gapping up to 1.1345 resistance whose recovering would confirm Monday’s close above the inverted Head & shoulders 1.1320 neckline. Its resistance held through the close, so immediately extending higher anyway Wednesday would be credible for extending higher intraday.

Gold Jun Contract (GC, ETF: (GLD))
Gapping up Tuesday to Monday’s 1308.00 high probed 1310.00 while fluctuating sideways around Monday’s high.

Silver May Contract (SI, ETF: (SLV))
Tuesday’s gap up above Monday’s 15.27 high was brief as the balance of the session fluctuated sideways around Monday’s high, exclusively in positive territory.

30-year Treasury Jun Contract (US, ETF: (TLT))
Friday’s recovery from initially blipping-down had bounced up to 148-02 resistance. Monday’s consolidating resolved in Tuesday’s retest of 148-02 and higher.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Testing and retesting fresh highs at 64.80 was already reacting down into Tuesday’s open, and extended down to test 63.70 as support. The pullback limit is raised to 63.25 while awaiting the 65.00 target to be met, potentially including its room for noise up to 67.00.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Tuesday’s early weakness didn’t touch 2.67, let alone 2.65, which would be necessary or preferable respectively to finish consolidating so that firming on Wednesday could greet Thursday’s EIA report from a position of strength.

Posted in Bigger Picture, Daily Spot, members-only