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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | November 18, 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))
Friday morning exploited that meeting the 1.0655 target Thursday had extended lower lower through the close without relief. Trending even lower Friday is approaching support at 1.0545. Regardless, the decline’s momentum remains intact so long as bounces now hold 1.0683 as resistance.

Gold Dec Contract (GC, ETF: (GLD))
Thursday’s post-close retest of 1211.00 was broken overnight down to 1201.30, satisfying the minimum 1206.50 target. The 1196.50 target remains in-play so long as bounces now hold 1213.00 as resistance. .

Silver Dec Contract (SI, ETF: (SLV))
Retesting the 16.62 prior low Friday morning can now start the process of fluctuating around to try forming a durable Double Bottom. Trending down any further instead would suggest the decline is extending.

30-year Treasury Dec Contract (US, ETF: (TLT))
Completing the potential bottoming pattern needed one more selling attempt, and to absorb it. Fresh lows Thursday night tested the 152-13 support by 1 tick and then bounced Friday morning to 154-08, where uptrending resistance triggered a reaction down to 152-20. The difference between this range being either a bottoming pattern or a continuation pattern may depend on today closing back under 153-06 or above 154-08.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Caught up in OPEC headlines, the reaction down from testing 45.70 extended down to attack the recovery’s 44.30 pullback limit. Closing under 45.15 would launch a new downleg. But there is otherwise a higher target outstanding in the 48.25 area.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Gapping up Friday above 2.80 left outstanding a lower gap at 2.62, while creating a new one back to Thursday’s close. Closing above 2.80 would still be bullish, especially if confirmed by a second consecutive higher close, and would be credible for launching a rally leg no matter how premature.

Posted in Bigger Picture, Daily Spot, members-only