Bigger Picture
Look ahead: Economic Calendar – for Thu Jan 4, 2018
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: The day before monthly payrolls is not busy. Thursday’s usual weekly reports are joined by several high-profile and influential items. And any reaction to the pre-open ADP will likely be duplicated by post-open reports, like PMI. Then a high-profile and influential (to price action) Fed speaker keeps things alive after the noon hour.
Challenger Job-Cut Report
7:30 AM ET
*ADP Employment Report
8:15 AM ET
Jobless Claims
8:30 AM ET
Bloomberg Consumer Comfort Index
9:45 AM ET
*PMI Services Index
9:45 AM ET
EIA Natural Gas Report
10:30 AM ET
EIA Petroleum Status Report
11:00 AM ET
*James Bullard Speaks
1:30 PM ET
Fed Balance Sheet
4:30 PM ET
Money Supply
4:30 PM ET
Daily Spot…
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))
Extending the rally overnight probed the 1.2125-1.2135 target area. A reversal down would be triggered by closing back under 1.2060.
Gold Feb Contract (GC, ETF: (GLD))
The next higher target at 1311.00-1312.50 was probed Monday night, and then supported Tuesday’s intraday consolidation after gapping up. A durable reversal isn’t likely, and a pullback isn’t required, as closing under 1308.85 would signal is underway and targeting 1297.00 and 1287.00 or lower.
Silver Mar Contract (SI, ETF: (SLV))
Eking higher Tuesday extended the rally to 17.23, still needing a break under 16.95 to signal the trend reversing down. No matter how likely the rally may have become to pullback, the multiple consecutive intraday trending sessions makes a durable reversal down unlikely.
30-year Treasury Mar Contract (US, ETF: (TLT))
Flat-to-lower Monday night extended down sharply through Tuesday morning, testing the 151-16 buy signal that recovering up to last Tuesday close proved enough to surge Wednesday. Also tested was uptrending pivotal support, which can’t tolerate its next test probing without extending to new lows under 150-14.
Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Narrow ranging overnight and Tuesday morning didn’t reject the recent rally, keeping alive the 61.10 target.
Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Tuesday’s open gapped up above Friday’s 3.01 high similar to Friday’s gap up above Thursday’s 2.94 high. Also similarly, a post-open dip back into the prior day’s range held through the close. The 3.17 target remains in-play.
Look ahead: Economic Calendar – for Wed Jan 3, 2018
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: Wednesday morning’s ISM number has a track record for influencing price action. So does the afternoon’s FOMC Minutes, which can also inhibit volatility before its release.
MBA Mortgage Applications
7:00 AM ET
Redbook
8:55 AM ET
*ISM Mfg Index
10:00 AM ET
Construction Spending
10:00 AM ET
*FOMC Minutes
2:00 PM ET
Look ahead: Economic Calendar – for Tue Jan 2, 2018
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: One economic report Tuesday morning, and it has a track record for influencing price action. Butit’s also less relevant to the higher-profile payrolls report coming Friday.
*PMI Manufacturing Index
9:45 AM ET
3-Month Bill Auction
11:30 AM ET
6-Month Bill Auction
11:30 AM ET
4-Week Bill Auction
1:00 PM ET
52-Week Bill Auction
1:00 PM ET
Daily Spot…
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))
Gapping up Friday fulfilled the 1.2030-1.2075 target up to 1.2080. There is no requirement to trend any higher, but pullbacks meanwhile should holed 1.2015 as support.
Gold Feb Contract (GC, ETF: (GLD))
Extending the rally overnight tested the 1298.00 target and gapped up to 1300.00. Extending higher intraday attacked 1310.00 with the next higher objective being 1311.00-1312.50.
Silver Mar Contract (SI, ETF: (SLV))
Not extending higher overnight resumed the rally anyway at Friday’s open to test 17.15-17.20. That’s essentially the apex of the Oct-Nov triangle that had broken down to Dec’s 15.63 low. It is natural resistance, but the rally remains intact so long as pullbacks hold 17.05.
30-year Treasury Mar Contract (US, ETF: (TLT))
Dipping slightly overnight to 152-10 still didn’t reject Wednesday’s surge, as neither did Thursday. The rally tried resuming Friday by attacking Thursday’s 153-04 high to within 1 tick.
Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Already having missed the opportunity to reject Tuesday’s surge, Friday extended to fresh highs attacking 60.50, with the next higher objective being 61.10.
Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Gapping up again Friday tested 3.00 before dipping back down to Thursday’s lower prior highs. The rally’s next higher objectives are 3.17 and 3.25-3.29.