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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | January 4, 2017 - 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))
Gapping up Wednesday helps to validate Tuesday’s post-open recovery, but that’s not an appropriate launch of an upleg. A little backing-and-filling from 1.0505-1.0520 is likelier than extending higher durably.

Gold Feb Contract (GC, ETF: (GLD))
Fresh highs were probed already before Wednesday’s open, fulfilling the 1167.00 target up to 1168.60. Being the fourth day of a 4th-day sequence, a fresh high close was unlikely. The close was within Tuesday’s range, but didn’t necessarily reject Wednesday’s gain, so not reversing down at Thursday’s open could extend the rally instead.

Silver Mar Contract (SI, ETF: (SLV))
Tuesday’s surge to 16.55 was maintained throughout Wednesday. Although not extended, Tuesday’s breakout wasn’t confirmed.

30-year Treasury Mar Contract (US, ETF: (TLT))
Tuesday morning’s recovery had stopped pessimistically short of touching Friday’s 150-24 high. It was touched late Wednesday morning and later pierced by 2 ticks, still targeting 151-12.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday morning eventually firmed up to 54.20 resistance, with room for testing “higher prior lows” up to 54.55 before becoming vulnerable to another downdraft. EIA reports this week on Thursday.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report is not being greeted from a position of strength. Wednesday morning returned back down to Tuesday’s 3.27 lows and then probed a couple of points lower, all but confirming Tuesday’s breakout and requiring at least an eventual lower close.

Posted in Bigger Picture, Daily Spot, members-only