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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | January 10, 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))
Tuesday’s fluctuation around 1.0605 leaves no reason to further delay breaking back under 1.0505-1.0525 to resume the decline, targeting at least the 1.0435 area.

Gold Feb Contract (GC, ETF: (GLD))
Probing fresh highs Tuesday was retraced to close flat-to-lower at or under 1184.20, but not back under 1180.50 to resume the decline. Its break Wednesday would still be credible, especially if confirmed under 1174.50. Closing above 1187.50 would launch a new rally leg.

Silver Mar Contract (SI, ETF: (SLV))
Retracing Tuesday’s fresh highs at 16.95 back under 16.67 would again target 16.15, and potentially deeper to compensate for the detour. Closing above 16.95 could marginalize sellers for a much larger rally.

30-year Treasury Mar Contract (US, ETF: (TLT))
Opening weaker Tuesday slid lower intraday, failing to confirm or validate Monday’s gap up that had failed already to extend higher intraday. Back under 152-02 and 151-24 would launch a new downleg targeting 151-12 and lower. Closing above 152-30 would instead resume the rally.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s break under the 52.70 sell signal was extended down almost immediately at Tuesday’s open to test 50.85. The second consecutive lower close isn’t a breakout, but does make at least a fresh intraday low likely

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Rallying overnight gapped back up Tuesday above 3.19 and extended higher intraday to 3.27, still short of the 3.40 buy signal. An attraction to filling the gap back down to Monday’s 3.10 close will inhibit the buy signal from triggering.

Posted in Bigger Picture, Daily Spot, members-only