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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | April 18, 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))
Despite having held 1.1340 support on Tuesday, Wednesday’s gap up didn’t extend higher. An overnight plunge to 1.1300 explained why. That was extended Thursday morning to attack 1.1280, which had been the original decline’s target. Resuming the rally requires closing back above 1.1320.

Gold Jun Contract (GC, ETF: (GLD))
Thursday’s slightly lower low at 1273.00 might extend, but it has fulfilled the minimum requirement for allowing a bottom or reversal to form. But not on the same day as a new low, so the nearest buy signal at 1293.50 won’t be lowered until Sunday night.

Silver May Contract (SI, ETF: (SLV))
Narrow ranging Thursday only flirted with the 15.00 buy signal, clearly inhibited by Gold’s flat-to-lower ranging at fresh lows.

30-year Treasury Jun Contract (US, ETF: (TLT))
Bouncing Wednesday morning off of a fresh low at 146-00 had closed flat, and that extended to 147-00 Thursday where another gap and “higher prior lows” provided resistance. Any initial weakness coming out of the weekend should complete the 145-24 pullback objective before a more durable recovery can be credible.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s weakness tested the adjusted 63.75 pullback limit, fluctuating around it intraday. The sell signal will be raised to 63.20 coming out of the weekend, but meanwhile the rally’s pullback should prove it has ended if the longstanding 65.00-67.00 target remains in-play.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Fulfilling the minimum required third lower close of Monday’s breakout did not equate to being a buy signal. In fact, it greeted Thursday’s EIA report from a position of weakness. And the pattern enters the weekend at fresh lows, its first in several weeks, all but requiring that Monday also probe a fresh low before a recovery can be credible.

Posted in Bigger Picture, Daily Spot, members-only