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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | October 28, 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))
The three-day old bottoming pattern produced fresh recovery highs Friday. Near-term potential to 1.1100 would require pullbacks to hold 1.0965.

Gold Dec Contract (GC, ETF: (GLD))
Surging Friday afternoon attacked 1283.50 before the close, and then probed $2 above it afterward. This is the upper-end of room for noise around 1266.00, so almost any immediate weakness would be credible for extending down to 1252.50 and potentially 1236.00. Actually rallying would not tolerate much hesitation.

Silver Dec Contract (SI, ETF: (SLV))
Firming Friday tested 17.80 into the close, and then pierced above it momentarily afterward. Two consecutively higher closes above it would signal a rally has launched.

30-year Treasury Dec Contract (US, ETF: (TLT))
Initially retesting Thursday’s 161-22 low was unable to extend down. A bounce has room up to 163-02 before suggesting the downleg won’t extend. But having avoided a second consecutive lower close, fresh lows could more easily start forming a bottom.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh lows attacked 48.40, which is a 61.8% projection from the recent Double Top. Its potential for a corrective bounce must still recover 49.05 to suggest that a pullback has ended and new highs are in-play..

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Friday’s intraday bounce all but rejected the overnight weakness, but neither was significant enough compared to Thursday’s range for any new predictive value. At least another probe under 3.00 remains likely before closing above 3.12 to signal a recovery underway..

Posted in Bigger Picture, Daily Spot, members-only