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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | December 22, 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 Mar Contract (EC, ETF: (FXE, UUP))
Probing higher overnight was mostly retraced before Thursday’s open, which extended higher again to and through the overnight high to attack 1.0545. The gap back down to Tuesday’s 1.0435 low close should still be filled before a durable rally can get underway.

Gold Feb Contract (GC, ETF: (GLD))
Thursday’s fluctuation around unchanged didn’t suggest any new buying sponsorship had arrived which would otherwise help to prevent extending the decline to its next lower objective at 1118.00. Meanwhile, a bounce must hold 1147.00-1149.00 to keep the lower objective in-play.

Silver Mar Contract (SI, ETF: (SLV))
Initially dipping Thursday morning only attacked Tuesday’s 15.75 opening gap down which requires a retest, before reversing into positive territory. Essentially all of the bounce was rejected, still needing to test the “unfinished business below” to help complete a bottom forming.

30-year Treasury Mar Contract (US, ETF: (TLT))
Slightly higher highs overnight at 149-11 were retraced into Thursday’s open and then extended down slightly intraday down to 148-12, as at least one more lower close remains outstanding before a durable bottom can form. Meanwhile, the potential for a more substantial corrective rally should be considered on a close above 149-22.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Dipping Wednesday back down to the 52.50 buy signal and then deeper overnight and intraday. Recovering back above 53.00 was only nominal compared to the outperformance the pattern needs to produce immediately to indicate the buy signal’s retest had held.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Higher highs overnight at 3.62 were somewhat retraced into Thursday’s open, and then retested into the morning’s EIA report. While the reaction didn’t extend up, the pullback held 1-2 cents above 3.49 to avoid reversing momentum down.

Posted in Bigger Picture, Daily Spot, members-only