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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | January 17, 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))
Extending the ally Sunday greeted Tuesday’s session gapping up above prior highs. Closing back under 1.0605 is still the nearest sell signal, but the pattern’s next challenge otherwise is 1.0750.

Gold Feb Contract (GC, ETF: (GLD))
Overnight strength tested the1212.00 objective up to 1219.00. Tuesday did not extend higher, but did maintain the gain to fulfill the confirmed breakout’s requirement from last week for at least one more fresh high close. An immediate reversal down isn’t likely to extend without at least filling the gap back up to Tuesday’s 1212.00 open.

Silver Mar Contract (SI, ETF: (SLV))
The 16.95 resistance which had been tested and retested was probed higher overnight and tested 17.25 intraday. Closing under 16.95 would indicated the rally’s momentum had lapsed already, but a close under 16.95 would still target 16.15.

30-year Treasury Mar Contract (US, ETF: (TLT))
Overnight strength attacked 154-00 but held 153-22 post-open. Reversing back down through a sell signal triggered under 153-06 was recovered from 152-22. Closing Wednesday above 153-26 would launch a substantial rally, but the pattern is otherwise topping.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Initially gapping up Tuesday to Thursday’s ~53.50 high was retraced to fill the gap back down to Friday’s 52.40 close. Holding the test as support keeps alive the likelihood for filling gaps outstanding from 53.80 and 54.80 before resuming the downleg. So, dipping back down to 52.40 Tuesday afternoon threatened the recovery.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Overnight strength as high as 3.50 was nevertheless retraced to open Tuesday at 3.40 resistance. Closing higher would trigger a breakout, but otherwise the attractions below at 3.23 and 3.19 remain outstanding.

Posted in Bigger Picture, Daily Spot, members-only