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 16, 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))
Bouncing off of Thursday’s test of 1.0365 to close above 1.0390 had indicated the decline wasn’t likely to extend Friday, which retraced it up to 1.0475. A bigger bounce isn’t required, but still possible without yet reversing the trend back up, Similarly, retesting the low wouldn’t prevent a bottom to begin forming.

Gold Feb Contract (GC, ETF: (GLD))
Gapping up slightly and trying to probe higher Friday was likely to avoid a second consecutive lower close. Spiking up in reaction to an international incident with China assured it. Resistance at 1142.00 was probed by at least $1. Back under 1136.50 would likely resume the downleg next targeting 1118.00.

Silver Mar Contract (SI, ETF: (SLV))
Firming Friday to probe above Thursday’s highs prevented a second consecutive lower close which allows a bottoming pattern to begin forming sooner, rather than later. Nevertheless, that means a couple of false breaks higher and a temporary probe of fresh lows before launching anything durable.

30-year Treasury Mar Contract (US, ETF: (TLT))
Delaying the pattern’s outstanding requirement for at least one eventual lower close suggests that just one new low close won’t suffice. Delays like filling the gap Thursday back up to Wednesday’s 149-25 close, and like bouncing Friday from attacking the 147-04 low down to 147-13 before bouncing 1 point.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
.Firming further Friday morning tested the 51.75 buy signal that makes last Sunday night’s 54.50 high likely to be retested. Resuming the rally to its 56.15 target is now less likely.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Although Thursday’s fresh low close had fulfilled the minimum objective, lower lows overnight and into Friday’s open tested November’s “lower prior highs” at 3.34,. Extending down Monday would next target 3.19.

Posted in Bigger Picture, Daily Spot, members-only