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 | May 1, 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))
Wednesday continued extending higher, probing the 1.1280 “higher prior low” to test the Falling Wedge’s downtrending resistance at 1.1300 up to 1.1310. Backing-and-filling would be normal in the process of forming a more durable bottom. The FOMC reaction started the process, collapsing back down to the Wedge’s 1.1240 lower-end.

Gold Jun Contract (GC, ETF: (GLD))
Gapping down Wednesday between Monday’s close and Tuesday’s gap up remained within Tuesday’s range throughout Wednesday. Spiking up after the close in reaction to the FOMC policy statement attacked the week’s highs up to 1289.00. Reaction to the Fed Chair’s Q&A collapsed back down to and through session lows to test 1280.00.

Silver Jul Contract (SI, ETF: (SLV))
Wednesday gapped back down to and through Tuesday’s 14.83 low, extending to fresh lows at 14.70, before the FOMC policy statement reaction bounced back up to 13.82. That was still under the morning’s lows and Tuesday’s low. Reaction to Powell’s Q&A fell back to 14.70.

30-year Treasury Jun Contract (US, ETF: (TLT))
“Higher prior lows” at 147-22 and the 147-24 gap fill that were tested Friday were retested at Wednesday’s open and probed up to 148-11 ahead of the afternoon’s FOMC events. Holding up through the Policy Statement was retraced during the Q&A, allowing the sell signal to be raised to 147-04.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s reaction down from its open’s premature test of the 64.35 buy signal was extended down Wednesday to 62.75, allowing the buy signal to be lowered to 63.75,which was attacked into Wednesday’s close.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Flat-to-lower overnight ranging was recovered in time to gap up Wednesday to and then through Friday and Tuesday’s 2.60-2.61 highs, extending a couple of cents higher to greet Thursday’s EIA from a position of strength.

Posted in Bigger Picture, Daily Spot, members-only