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 5, 2014 - 3:41 pm

A daily summary of high-profile members of several complexes…[pay] View a more detailed discussion of each chart at the end of today’s Market Wrap.

Today’s Highlight There wasn’t any buyer’s remorse — or seller’s remorse, for that matter — after having a weekend to reconsider reactions to Friday’s Employment Situation report. But there might after some of Monday’s moves , like Gold’s weak gain and Crude Oil’s hesitation to rally.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Narrow ranging Monday didn’t offer any new signals or confirmation. Equally important, it didn’t invalidate the attraction to fresh lows under 79.40.

Eurodollar Jun Contract (EC, ETF: (FXE))
Narrow sideways ranging greeted the new week, which isn’t in itself predictive, but the potential retest of prior highs at 1.3915 remains intact.

Gold Jun Contract (GC, ETF: (GLD))
Sunday night’s rally through 1303.00 tested 1315.00, which was retested after Monday’s open. The balance of the session drifted narrowly arond 1310.00. A second consecutive higher close would signal momentum had reversed up, but I’m still skeptical, and closing back under 1298.00-1300.00 would start to invalidate the recovery’s momentum.

Silver Jul Contract (SI, ETF: (SLV))
Monday’s gap up peaked immediately at 19.75 resistance, and drifted back to almost unchanged. Extending higher in this setup is unlikely without gapping up above Monday’s high.

30-year Treasury Jun Contract (US, ETF: (TLT))
Friday’s new high was retraced Monday to test Thursday’s 135-25 high as support. Back above 135-30 would target a fresh high at 136-20 for the next opportunity to form a top.

Crude Oil Jun Contract (CL, ETF: (USO))
Overnight strength to 100.40 was retraced Monday back to Friday’s 98.90 lows, where RSIs diverged positively. Back above 100.00 should now trigger a rally targeting a retest of the 104.00 high.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Spiking up Monday was reversed immediately as the balance of the session trended back down to Friday’s close, under the 4.71 sell signal.

[/pay]

Share your questions and comments on this post in the blog, or in the chartroom…

Posted in Daily Spot