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Daily Spot… Euro hanging on to support by its fingernails. – If, Then… Market Timing

Daily Spot… Euro hanging on to support by its fingernails.

By Rod David | May 18, 2015 - 2:58 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))
Friday”s 1.1328-1.1472 outside day that began by gapping down to the lower-end of Thursday”s 1.1348-1.1457 range was still considered bearish, since the close was still overlapping Thursday”s high. And still overlapping Thursday”s high meant that gapping down Monday doesn”t require filling the gap back to Friday”s high. In fact, Monday”s session trended down intraday, probing under Thursday and Friday”s ranges to test 1.1300. Almost any lower close Tuesday would confirm Monday”s reversal was extending.

Gold Jun Contract (GC, ETF: (GLD))
Sunday night”s high touched the 1232.00 target, but wasn”t touched intraday as Monday”s session fluctuated narrowly around last week”s 1227.70 high. There is no unfinished business above, but upward momentum remains intact so long as 1224.00 now holds as support.

Silver Jul Contract (SI, ETF: (SLV))
Monday”s opening surge to fresh highs testing 17.75 consolidated in positive territory throughout the day, closing above prior highs, keeping upward momentum intact.

30-year Treasury Jun Contract (US, ETF: (TLT))
Friday”s nearly 3-point rally to 155-20/155-27 didn”t comport to the template we were tracking, but Monday”s substantial retracement did. Stopping optimistically short at the upper-end of Thursday”s range now requires bounces to hold 154-08/154-12 to maintain Monday”s downward momentum. The 150-25 target remains intact, preferably confirmed by closing Tuesday under Thursday”s 152-12 low.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
[Rolling coverage forward from Jun to Jul, 1.65 premium] Suday”s initial firming tried again to rally out of the 60.30 pullback limit, but its surge to 61.70 was retraced to 59.85 — not quite reversing down, but requiring an almost immediate recovery above 60.75-61.00 to avoid a new downleg.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
No higher objectives are outstanding, but Monday”s narrow sideways ranging didn”t reject the uptrend”s momentum..

Posted in Daily Spot