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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | October 20, 2016 - 2:55 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))
Thursday’s ECB meeting was greeted after the decline’s 1.0994 objective had been met, but without having recovered to close above 1.1011 signaling a bottom forming. Surging sharply to 1.1065 was reversed down even more sharply to fresh lows at 1.0940. The next lower objective in-play is 1.0865 if Friday doesn’t reject Thursday’s break lower.

Gold Dec Contract (GC, ETF: (GLD))
Wednesday’s gap up above the 1266.00 buy signal had not extended higher intraday. That didn’t necessarily preclude extending higher, and neither does Thursday’s dip back down to the 1266.00 buy signal as support. But another attack on the lows first can’t yet be ruled out.

Silver Dec Contract (SI, ETF: (SLV))
Wednesday’s session-long fluctuation around prior highs had not gained any traction, stopping short of its 17.80 buy signal, Thursday’s dip isn’t necessarily bullish, but it does help to insert more “ineffectual pessimism” that is potentially bullish from a contrarian perspective.

30-year Treasury Dec Contract (US, ETF: (TLT))
Several days of chipping away at 164-08 resistance, and finally probing higher intraday, was probed even higher on Thursday. Holding above 164-08 allows extending the bounce to 165-30 or 166-19.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s retest of the rally’s 51.50 target had ended the day overlapping its prior test as was expected. Already gapping down to and or through 50.80 Thursday is too abrupt of a start to be confident a new downleg is now beginning. But that continues to be the likely resolution.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Greeting Thursday’s EIA report from Wednesday’s test of the 3.14 pullback limit still allowed room for noise down to 3.09-3.11. Entering the weekend back above 3.14 is the minimum requirement to maintain any near-term upside potential, without requiring a deeper pullback.

Posted in Bigger Picture, Daily Spot, members-only