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 20, 2014 - 2:27 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 Natural Gas has continued to behave bullishly since its week-old low, preceding last Thursday’s EIA report reaction. Wednesday would be the last opportunity for a little constructive pessimism ahead of this week’s report.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Narrow ranging has continued while currencies begin fluctuating a little more widely. A near-term break is likely. Not necessarily in either direction, but that action would start to define the next move.

Eurodollar Jun Contract (EC, ETF: (FXE))
Still caught in a very narrow band, not even describable as ranging. The likelihood for a correction is threatening to be fulfilled by the passage of time, instead of by bouncing. Regardless, there is no active signal.

Gold Jun Contract (GC, ETF: (GLD))
The reaction down from yet another failed gap up was extended into Tuesday’s opening test of 1289.00. The support held its test down to 1286.00, bouncing back to test 1295.00, but not reversing momentum up.

Silver Jul Contract (SI, ETF: (SLV))
Tuesday’s opening dip held 19.25 support’s retest. There is still room down to 19.05 before signaling a new downleg is underway.

30-year Treasury Jun Contract (US, ETF: (TLT))
Initial weakness into Tuesday’s open was reversed into positive territory Tuesday, presumably on the way to retesting last week’s high. And without yet having dipped deeply enough or for long enough, the high’s retest should hold.

Crude Oil Jul Contract (CL, ETF: (USO))
Monday’s gap up wasn’t rejected intraday, and a dip under it Tuesday was recovered. The rally requires no further delay before extending higher to test 104.00.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
An early attack on 4.41 was reversed up to fresh highs at 4.57, further signaling the trending reversing up. Now resistance will be a factor at 4.61.

[/pay]

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

Posted in Daily Spot