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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | October 13, 2016 - 2:22 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 Dec Contract (EC, ETF: (FXE, UUP))
Flat-to-higher narrow ranging Thursday didn’t contradict Tuesday’s confirmed breakout, which is required to produce at least an eventual third lower close.

Gold Dec Contract (GC, ETF: (GLD))
Narrow ranging Thursday did not fulfill the deeper dip already indicated by having started the week with “ineffectual optimism.” Back above 1266.00 would be credible for extending higher intraday, but there is otherwise a pullback underway with potential down to 1236.00.

Silver Dec Contract (SI, ETF: (SLV))
Thursday’s narrow ranging still doesn’t offset the “ineffectual optimism” that had prevented the week’s initial strength from extending. Recovering 17.80 Friday would suggest a rally underway into the weekend, but there is otherwise a deeper pullback underway.

30-year Treasury Dec Contract (US, ETF: (TLT))
Holding 163-27 Wednesday and closing above 164-08 Thursday suggests the decline’s momentum has lapsed. Closing above 165-02 (being tested in the afternoon) would confirm, and back above 165-18 would reverse the trend back up.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Extending the pullback to 49.35 Thursday morning was recovered suddenly after the EIA report to test 50.60, still short of rejecting Wednesday’s break under the 50.80 pullback limit. Almost any initial weakness Friday would be likely to extend to fresh reaction lows.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Dipping at Thursday’s open used all but the last 2 cents of room for a pullback to 3.14 before the EIA report. Its reaction surged to test 3.36, now allowing room for a pullback to 3.31 to keep alive the rally’s momentum next targeting 3.60.

Posted in Bigger Picture, Daily Spot, members-only