Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the disable-gutenberg domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/jwl23/public_html/rd.johnlander.me/wp-includes/functions.php on line 6131
Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | December 12, 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 sharply Monday morning nevertheless only held a natural retest of higher prior lows while filling the gap back to Thursday’s 1.0620 close. Slightly higher highs suggest the 1.0685 sell signal will be revisited before reversing back down, unless first closing back under 1.0610.

Gold Feb Contract (GC, ETF: (GLD))
Fresh lows overnight down to 1152.50 were not revisited intraday Monday, which instead bounced back up to test 1166.00 resistance. Sunday night’s low doesn’t require being retested before a rally begins, but some sort of failed selling effort is likely.

Silver Mar Contract (SI, ETF: (SLV))
Sunday night’s momentary dip to 16.77 reacted up aggressively to isolate its probe under 16.90 to the overnight. This leaves no bullish reason to further delay rallying. In fact, extending above 17.10 does signal the pullback has ended. Filling the gap back to Wednesday’s 17.27 close might inhibit extending higher immediately, perhaps to await Gold completing its own bottom.

30-year Treasury Mar Contract (US, ETF: (TLT))
Fresh low overnight at 147-10 was attacked to only 147-22 post open Monday. Closing lower Monday but within Sunday night’s range would not fulfill the confirmed breakout’s requirement for at least an eventual third lower close — but  it would allow probing fresh lows intraday to recover.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Sunday night’s open gapped up sharply through the 52.75 target, which became the pullback limit. Reacting down Monday morning held the pullback limit’s test down to 52.55. to test/hold it. Holding it would be optimal for maintaining the next higher objective at 56.15.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Gapping down Sunday night from 3.75 to and through the 3.59 sell signal extended lower Monday to test the 3.47 prior sell signal. The gap back up to 3.75 may yet be revisited.

Posted in Bigger Picture, Daily Spot, members-only