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Daily Spot… Crude pullback done? – If, Then… Market Timing

Daily Spot… Crude pullback done?

By Rod David | May 8, 2015 - 2:07 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 pullback from testing 1.1380 extended down into Friday”s open, testing 1.1225-1.280 support down to 1.1185. Sellers didn”t gain traction from gapping down and ranging exclusively in negative territory without also breaking under a prior low. A fresh low Monday would be bearish, but there is otherwise potential back up to 1.1315.

Gold Jun Contract (GC, ETF: (GLD))
Bouncing Friday to attack 1194.50 was reversed to range choppily around 1187.00. Its break would be confirmed under 1182.70 as targeting new lows.

Silver Jul Contract (SI, ETF: (SLV))
Friday”s blip-up above 16.50 in reaction to the Employment Situation report was reversed back down initially, but the balance of the session ranged around it without signaling a resolution either way.

30-year Treasury Jun Contract (US, ETF: (TLT))
Extending the recovery from Wednesday night”s test of 153-10 up to 156-03 had become a little extended into Friday”s Employment Situation report. Its knee-jerk reaction settled around 157-00 for the balance of the day. The bounce may extend to 157-16 without reversing the trend up, and while being vulnerable to retesting 154-02.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The pullback from testing 62.45 extended a little deeper Friday morning to 58.25. Much of a bullish “pivot reversal” setup formed — gapping up in a downtrend and closing positive with an interim intraday dip to fresh trend lows. Back above 60.15 would resume the rally to at least retest 62.45.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Thursday”s shallow pullback was reversed by gapping up to fresh highs Friday, with potential for extending to 3.00, so long as 2.80 support isn”t revisited.

Posted in Daily Spot