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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | January 5, 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))
Thursday’s open gapped up to the 1.0505-1.0520 bounce limit and extended through Friday’s 1.0615 prior high. Closing higher would target 1.0755, and potentially higher, regardless of the recent low’s range requiring a retest as support.

Gold Feb Contract (GC, ETF: (GLD))
Not already reacting down Thursday from Wednesday’s test of 1167.00 was instead likelier to extend the rally. Gapping up to 1174.00 extended higher through the morning to fulfill the next higher objective at 1184.20. Closing back under 1180.50 would signal momentum reversing down.

Silver Mar Contract (SI, ETF: (SLV))
Wednesday’s sub-optimal confirmation of Tuesday’s breakout didn’t prevent extending higher Thursday to test 16.75. Not already extending higher at Friday’s open would be vulnerable to correcting back down under 16.20.

30-year Treasury Mar Contract (US, ETF: (TLT))
Reacting down sharply from an overnight test of the 151-12 target didn’t prevent another test intraday, or extending that test sharply higher to 152-22. Its 152-02 pullback limit must break to suggest the surge wouldn’t be confirmed, and back under 151-24 would signal momentum reversing down. Otherwise, the rally could extend to test 152-26.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up and extending higher through 53.45 “higher prior lows” and filling the gap back up to Friday’s 53.70 close was nevertheless reversed back down from 54.10 to 52.80 by Thursday morning’s EIA release. That didn’t reverse momentum down, as 53.70 was recovered. But 54.25 wasn’t recovered, which would have targeted filling the gap back to Tuesday’s 54.80 gap up.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA release wasn’t greeted from a position of strength, which would have doomed an initially favorable knee-jerk reaction up. Regardless of its path, the resolution was down, fulfilling the 3.19 target which held while RSIs diverged positively, A bottom is free to form.

Posted in Bigger Picture, Daily Spot, members-only