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… Can crude catch an updraft? – If, Then… Market Timing

Daily Spot… Can crude catch an updraft?

By Rod David | April 20, 2015 - 2:51 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 Mar Contract (EC, ETF: (FXE, UUP))
Reacting down from Friday”s test of the 1.0855 target didn”t gap down enough Monday to signal the recovery reversing, but also didn”t recover enough to signal the rally had resumed. There is not currently an active signal, but at least a corrective dip to 1.0650 is underway so long as 1.0780 holds as resistance.

Gold Jun Contract (GC, ETF: (GLD))
Friday”s test of 1205.00-1208.50 resistance reacted back down Sunday to test 1194.50 support, which was still being overlapped Monday and not decisively broken. But having tested and retested it already and already again, if its support were so solid, then it should not require so much testing before launching a recovery. Immediate strength would still be credible for extending higher, but now only back to recent highs around 1225.00.

Silver May Contract (SI, ETF: (SLV))
Monday”s gap down to 16.10 support extended down to fresh lows intraday testing 15.85, which undermines the near-term recovery potential.

30-year Treasury Jun Contract (US, ETF: (TLT))
Yet another single-session surge was retraced to a relevant level with Friday”s rally to 165-19 being retraced Monday morning down to 164-04, and then lower. Closing under 163-18 would re-signal a new downleg underway.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
[Rolling coverage forward from May to Jun]… A dip before Monday”s open was too late to gain traction, recovering back toward the recent high. The delay in fulfilling the 59.30 target (basis Jun, 57.90 basis May) is “ineffectual pessimism” that makes its eventual test likely to be probed on the way to 62.45.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Monday”s gap down to 2.54 support is the cheapest acceptable pricing for the recovery”s momentum to remain intact. And now there”s a gap outstanding back up to Friday”s close that can help to encourage the recovery to resume.

Posted in Daily Spot