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… Is the bond finally breaking? – If, Then… Market Timing

Daily Spot… Is the bond finally breaking?

By Rod David | April 16, 2015 - 2:27 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))
Yesterday”s post-close surge to 1.0700 reacted down sharply overnight to 1.0650, but nevertheless recovered it all Thursday and then some to test 1.0810. The 1.0850 area target remains in-play so long as pullbacks now hold 1.0780 as support.

Gold Jun Contract (GC, ETF: (GLD))
Despite an early rally Thursday to 1208.50, a plunge tested 1194.50 support. It held, but now its break can trigger a new downleg if 1205.00-1208.50 isn”t recovered without delay.

Silver May Contract (SI, ETF: (SLV))
Early strength Thursday to the 16.45 resistance whose recovery would start to signal momentum reversing up, but its reaction down tested the critical 16.10 support that can”t tolerate closing below it.

30-year Treasury Jun Contract (US, ETF: (TLT))
Thursday morning”s break through 164-04 extended lower, filling the gap back down to Monday”s 163-18 close, and attacking prior lows around 163-00. Reacting up optimistically to 164-00 doesn”t allow the pattern much room or time before extending down more substantially under 162-08.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday”s test of the 56.00 target reacted down to attack 55.05 before Thursday”s open, which held the 55.20 pullback limit, before reversing up to fresh highs at 57.00. The 57.90 target remains in-play.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Not greeting Thursday”s EIA report from a position of strength, despite having bounced recently to 2.62, left the pattern vulnerable to an initially negative knee-jerk reaction. But also not greeting the.news from a position of weakness made that reaction likely to recover, possibly also launching a durable rally leg. So, reacting down to 2.54 was reversed to fresh highs at 2.69. A second consecutive higher close Friday would confirm the new rally leg underway. Pullbacks meanwhile should hold 2.60 to maintain the rally”s momentum.

Posted in Daily Spot