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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | December 30, 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))
Whatever triggered Thursday night’s flash-surge vs. the Dollar, it was exacerbated by having bottomed and triggered a buy signal Wednesday and Thursday. A second consecutive higher close Friday is dubious confirmation. It would have been highly suspicious for post-open action only to trend down, but post-open action first probed higher — short of the 1.0635 overnight high — before dipping back under the open. Regardless, a deeper corrective dip ack to 1.0525-1.0535 is possible before resuming the breakout.

Gold Feb Contract (GC, ETF: (GLD))
Relatively narrow ranging Friday morning didn’t exploit Thursday’s breakout surge. Dipping deeper through the session only attacked 1149.40 whose break — confirmed under 1142.50 — would reinstate 1118.00.

Silver Mar Contract (SI, ETF: (SLV))
Thursday’s test of the 16.20 buy signal was ongoing into and out of the close and Friday’s open. It was rejected back down under the 16.00 “lower prior highs” to 15.88. A fresh low isn’t required, but would still be possible, and would still likely recover.

30-year Treasury Mar Contract (US, ETF: (TLT))
Bouncing Friday above Thursday’s highs — which had been retraced to the 149-24 buy signal — attacked the 151-12 target to 150-24. The target remains in-play so long as 149-24 holds as support. Back under 149-18 would reverse the trend back down, sharply.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
More shallow weakness Friday morning still didn’t reverse momentum down, but it did start to undermine the recovery’s pace. Resuming the rally should have been obvious before the weekend, so surging out of the weekend may be the only near-term remaining bullish scenario.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Thursday’s dip back down to 3.75 was in-line with Wednesday’s break above it having been exacerbated by the rollover. But breaking under 3.75 confirms. And closing under the break’s 3.62 would reverse the trend down.

Posted in Bigger Picture, Daily Spot, members-only