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Daily Spot… Euro’s unfinished business above. – If, Then… Market Timing

Daily Spot… Euro’s unfinished business above.

By Rod David | June 5, 2015 - 2:35 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))
Thursday”s flat close around 1.1250 did not fulfill the required eventual third higher close that was put into play by the prior two sessions. That unfinished business outstanding did not prevent plunging to 1.1050 in reaction to Friday”s Employment Situation report. This is where the eventual third higher close requirement can be most relevant, by knowing Friday”s reaction down is likely only temporary. Back above 1.1210 would signal the rally having resumed. Extending first under 1.1070 would undermine the near-term recovery potential.

Gold Jun Contract (GC, ETF: (GLD))
Another drop to fresh lows at 1162.00 keeps alive at least the 1158.50 target, if not also the low 1150”s. Being a new trend extreme on a Friday, rallying immediately Monday would likely fail. By the same token, extending down immediately to fulfill the target could be very durable.

Silver Jul Contract (SI, ETF: (SLV))
Probing under the 16.35 target area”s lower-end Friday, after having held its test Thursday, does put into play a retest of prior lows under 15.25. Closing above 16.35 Monday would invalidate the Friday”s break.

30-year Treasury Jun Contract (US, ETF: (TLT))
Friday”s reaction to the Employment Situation report triggered a plunge that quickly fulfilled the likely retest of Wednesday”s 149-09 low. The spike down to 149-00 was recovered to 15-20, but the afternoon drifted back down toward Wednesday”s low.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Extending Thursday”s 58.75 sell signal into fresh lows overnight testing 56.85 was retraced on bullish OPEC news. Heightened prospects of a rate hike inhibited much more than just ranging narrowly around unchanged.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Friday”s ineffectual pessimism is more bullish than bearish. Gapping down and spending the entire session in negative territory could have extended down into per-weekend illiquidity. not trending down is not a buy signal, but it does make any initial strength Monday credible for extending higher.

Posted in Daily Spot