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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | April 30, 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))
Calculable resistance and the previous downtrending support (now resistance) of the massive Falling Wedge coincided at 1.1235. Both were probed Tuesday morning, as 1.1280 “higher prior lows” were attacked up to 1.1275. Closing above 1.1235 would create a position of strength to enable backing-and-filling to help form a bottom, so long as the lows are not retested.

Gold Jun Contract (GC, ETF: (GLD))
Overnight strength continued the pattern — or, lack thereof — for stringing together two consecutive similar sessions that would signal trending. Gapping up was retraced immediately to fill the gap back down to Monday’s close, which held as price fluctuated sideways in positive territory. A second consecutive higher close is still needed to signal Monday’s break did not gain traction.

Silver Jul Contract (SI, ETF: (SLV))
Despite bouncing overnight from Monday’s drop, Tuesday’s choppy open dipped to 14.85. And despite the dip, positive territory was recovered up to 15.00. All of which helps to suggest Monday’s drop won’t extend, but a higher close is still needed.

30-year Treasury Jun Contract (US, ETF: (TLT))
Closing under 147-04 and testing 146-30 Monday extended down only to 146-24 before bouncing up to 147-18. Wednesday’s FOMC isn’t being greeted from a position of strength or weakness.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Already testing the 64.35 buy signal before Tuesday’s open was suspicious, and its resistance did launch a reaction down that filled the gap back to Monday’s close down to 63.30. The buy signal is free to trigger cleanly, but post-close API and Wednesday morning’s EIA are not being greeted from a position of strength.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Monday’s intraday recovery firmed a little further overnight to pierce Friday’s 2.60 high by a penny, but Tuesday’s open slid to test 2.57. No buy signal is being confirmed, but the restrained optimism is potentially bullish from a contrarian perspective.

Posted in Bigger Picture, Daily Spot, members-only