Bigger Picture
Special Monday Review’s recording (for 1/18/16) …
Here’s the link to Monday evening’s Special Session Review. in which likely resolutions to Monday’s possible scenarios were traced. We also examined the possible decoupling from Crude Oil, discussed the bearish WedEX signal’s status, and caught up on the Up/Down-crash setup.
Watch the recording here.
Access the chaRTroom here.
(Charts may be offline briefly)
Look ahead: Economic Calendar – for Tue Jan 19, 2016
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: Maybe Tuesday’s lone econ report can influence price action for being the first data since last week. But it otherwise hasn’t much track record..
Housing Market Index
10:00 AM ET
3-Month Bill Auction
11:30 AM ET
6-Month Bill Auction
11:30 AM ET
SPECIAL SESSION TONIGHT
ALL SUBSCRIBERS ARE INVITED:
Bigger Picture Review in the chaRTroom at 6:00pm ET.
Well, that muster drill turned out to be a waste of time. We’re docked and debarking, and re-entering the real world.
The same verbiage could be applied to price action since opening last night. Friday afternoon rallied back from 1849.50 to threaten the morning’s 1881.00 high into expiration (docked). Sunday night’s gap down to 1860.00 was recovered ahead of Europe’s opens, and then extended to probe Friday’s high up to 1890.00 (debarking).
The recovery wasn’t led by Europe’s strength. Europe’s strength was led by Crude Oil’s recovery, back to unchanged after gapping down sharply. But the gap’s resistance pushed back, and 1868.00 is being tested as support (re-entering the real world).
US markets are closed, but Globex is open until 1:15pm ET. Then it re-opens at 6:00pm ET, and we’ll see whether the market’s muster drill last week was also a waste of time.
You can view price action now by CLICKING HERE. Also, join us there at 6:00pm ET for a special Bigger Picture Review. I’ll send out is recording this evening, with the overnight chaRTroom link
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))
Recovering 1.090 undermines the 1.0750 retest. But only closing above 1.1000 would negate the eventual retest at all.
Gold Feb Contract (GC, ETF: (GLD))
Gapping up sharply to probe above 1089.00 also ran into a gap. Filling it reacted down, which would still be bullish so long as 1089.00 holds as support. Back under 1084.00 would target a retest of Thursday’;s close.
Silver Mar Contract (SI, ETF: (SLV))
Surging Friday to once again chip away at 14.10 resistance which must still be recovered to launch a rallly.
30-year Treasury Mar Contract (US, ETF: (TLT))
Market turmoil triggered another round of flight-to-safety, which also can produce the eventual third higher close that required by the confirmed breakout.
Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The recent calm during stock market volatility may have decoupled Crude Oil from stocks, but that doesn’t prevent breaking lower in tandem.
Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Not bouncing from 2.14 has broken lower to suggest a deeper pullback underway that can’t bottom earlier than Tuesday.
Look ahead: Economic Calendar – for Mon Jan 18, 2016
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: US markets are closed, but Globex is open through Monday morning. It re-opens normally Monday night.
Globex opens
Sun 6:00 PM ET
Globex close
Mon 1:15 PM ET
Globex open
Mon 6:00pm ET