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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | November 2, 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))
Gapping up Wednesday extended through the 1.1100 target, which must now hold as support  to maintain the upside momentum.

Gold Dec Contract (GC, ETF: (GLD))
Wednesday’s gap up extended through the 1304.00 target for a second consecutive higher close confirming Tuesday’s breakout. At least an eventual third higher close is now required.

Silver Dec Contract (SI, ETF: (SLV))
Wednesday’s gap up trended higher intraday, and produced a second consecutive higher close confirming Tuesday’s breakout. At least an eventual third higher close is now required..

30-year Treasury Dec Contract (US, ETF: (TLT))
Rallying overnight to gap up Wednesday morning above the 163-02 bounce limit was retraced almost immediately to fill the gap back down to Tuesday’s close. Another rally intraday attacked the overnight highs, and “higher prior lows” at 163-27. All of which developed prior to the afternoon’s FOMC policy statement.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Breaking sharply lower again Wednesday probed under the 45.70 target. Already extending down to the ultimate 43.25 target is difficult after trending so far so recently. But it is likely so long as 45.70 holds as resistance.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Tuesday’s fresh low had fulfilled the decline’s structural objective, to its 2.87 calculable objective, and price reacted up from there intraday. None of which prevented Wednesday’s gap down under prior lows. Thursday’s EIA report is not being greeted from a position of strength, other than for the potential of forming an Island reversal pattern.

Posted in Bigger Picture, Daily Spot, members-only