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Daily Spot… No new trending – If, Then… Market Timing

Daily Spot… No new trending

By Rod David | April 23, 2015 - 3:02 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))
Wednesday night”s retest of Monday night”s ~1.0675 low was recovered back above downtrending resort. I had described that during the pre-open Tour as being bullish for a test of 1.0820, and potentially also to attack 1.1000. Thursday”s rally did retest the 1.0855 target where Friday”s open had peaked. Extending higher now requires pullbacks to hold 1.0825.

Gold Jun Contract (GC, ETF: (GLD))
Thursday”s intraday bounce to the 1194.50 sell signal didn”t confirm Wednesday”s break under it. But neither did it invalidate the break, which would require recovering at least 1197.50. And that was being tested after Thursday”s close.

Silver May Contract (SI, ETF: (SLV))
The second consecutive attempt to confirm a breakout was attempted initially Thursday, but most of the session firmed flat-to-higher. This was likely based on the Mon-Tue unconfirmed breakout. The pattern can repeat indefinitely, probing lower and lower lows, so long as 16.10 isn”t recovered.

30-year Treasury Jun Contract (US, ETF: (TLT))
Wednesday night”s bounce to 162-00 resistance was reversed down to a fresh low at 161-02. It was recovered Thursday afternoon to retest 162-00. That won”t prevent extending down into the weekend, triggered back under 161-10. But it also failed to confirm Wednesday”s breakout, so a bigger corrective bounce has potential to 163-18.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Another test of the 55.88 pullback limit Wednesday night was recovered for an unremarkable open Thursday. A late morning surge tested 58.40. There remains potential to 59.30.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Thursday”s EIA report wasn”t being greeted from strength, or from downtrending weakness. Gapping down ahead of the report discounted the reaction, but the session still failed to recover from testing 2.54 support. Closing above 2.60 is still required to launch the next upleg.

Posted in Daily Spot