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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | May 2, 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))
The backing-and-filling stage had begun almost immediately Wednesday upon testing 1.1300 resistance, reversing down to 1.1240 support at the pattern’s lower-end. It extended deeper Thursday, still having room a little lower to 1.1205.

Gold Jun Contract (GC, ETF: (GLD))
Wednesday’s outperformance compensated for its delay in also sliding, by gapping down to two-week old lows and probing fresh lows attacking 1267.00. The fresh low’s recovery to close back above 1271.50 is essentially the bullish scenario described during the pre-open Market Tour. It wasn’t recovered, but still being overlapped into the close.

Silver Jul Contract (SI, ETF: (SLV))
Thursday’s gap down under Wednesday’s low — regardless of how substantial either session dipped, let alone both — confirmed Wednesday’s breakout from the two prior days’ multi-session range. No buy signal or recovery will be credible until at least one more lower close is produced.

30-year Treasury Jun Contract (US, ETF: (TLT))
Already dipping back down Wednesday to Friday’s highs that had held a test of “higher prior lows” and the gap-fill above, Thursday slid deeper to test the 147-04 sell signal. The original 146-30 sell signal was also being tested, again, which is the last opportunity to break lower.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s dip had allowed lowering the buy signal to 63.75, but dipping overnight back down to Wednesday’s 62.75 low gapped won and slid to fresh lows at 60.95. The buy signal is lowered again to 63.10.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Greeting Thursday’s EIA from a position of strength for the first time in months didn’t prevent sliding at the open from 2.61 to back under the prior highs that Wednesday’s close had broken. Which the EIA reaction extended down to Tuesday’s lows at 2.56 before recovering to attack 2.61.

Posted in Bigger Picture, Daily Spot, members-only