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 10, 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))
Triggering its inverted Head & Shoulders pattern Monday by closing above 1.1320 had failed to confirm by only holding a test Tuesday of 1.1345 resistance. Not extending higher immediately was vulnerable to reacting down, which Wednesday did in the wake of ECB events. The low under 1.1295 intersected with the pattern’s uptrending support, reacting back up to touch 1.1345, keeping very much alive the inverted Head & Shoulders pattern.

Gold Jun Contract (GC, ETF: (GLD))
Firming Wednesday morning retested Tuesday’s highs, which had formed while fluctuating narrowly around Monday’s highs. Fresh recovery highs were probed into the close. Almost any higher close and/or early strength Thursday would be credible for extending higher into and out of the weekend. Delaying higher highs would remain vulnerable to a deeper retracement.

Silver May Contract (SI, ETF: (SLV))
Tuesday’s gap up to Monday’s highs was ultimately retraced to test negative territory. All of which was recovered early Wednesday but not extended before or after the close. A valid recovery would make itself obvious without delay Thursday.

30-year Treasury Jun Contract (US, ETF: (TLT))
Wednesday probed Tuesday’s retest of 148-02 resistance by testing the 148-16 buy signal. Uptrending pivotal support is intersecting with resistance on Thursday and Friday, so any early strength would be credible for extending higher at a steep slope. Pullbacks still have room down to 147-24.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Firming Wednesday probed Tuesday’s highs, but still only attacked Tuesday’s pre-open highs that had stopped 25-cents short of fulfilling the long-standing 65.00 target.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Another shallow dip above 2.65-2.67 was recovered and 2.71 was only pierced Wednesday, greeting Thursday’s EIA report not from a position of weakness, but also not quite from a position of strength.

Posted in Bigger Picture, Daily Spot, members-only