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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | April 17, 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 retest of the overnight dip was barely dismissed for delaying the rally’s resumption. Its complete recovery overnight gapped up to compensate for the delay. But not extending higher intraday Wednesday once again is barely dismissed for not extending the rally. Fresh highs into the weekend would be appropriate for the ongoing inverted Head & Shoulders pattern.

Gold Jun Contract (GC, ETF: (GLD))
Wednesday’s flat-to-lower ranging didn’t reject Tuesday’s break under prior lows, but neither did it confirm a new low close would be required. Only an intraday fresh low would be required before a buy signal can trigger.

Silver May Contract (SI, ETF: (SLV))
Still fluctuating sideways while momentarily piercing the 15.00 buy signal doesn’t prevent the decline from resuming. Optimally, a recovery would be underway into the weekend.

30-year Treasury Jun Contract (US, ETF: (TLT))
Wednesday was the last day of a four-day sequence that alternates a break lower with a non-confirmation session. So, Tuesday’s second break lower wasn’t confirmed Wednesday. More so, Wednesday first probed a fresh low, so recovering positive territory starts to suggest buyers are arriving. The pattern’s pullback still targets 145-24.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s API wasn’t greeted from a position of strength. It was greeted by firming overnight to fresh recovery highs since last retesting the 63.20 pullback limit. The ultimate resolution was to retrace overnight gains. But momentum didn’t reverse down, keeping alive the nearby 65.00-67.00 target.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Monday’s confirmed breakout had required at least an eventual third lower close before any buy signal could be confirmed. Wednesday’s continued downtrending has already produced it. The session began by gapping down under all prior lows, so a bottom cannot form on Thursday.

Posted in Bigger Picture, Daily Spot, members-only