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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | January 18, 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))
Already gapping down Wednesday from Tuesday’s opening gap up isn’t likely to suddenly launch a new downleg. There’s also a likelihood for even the most bearish scenario to still at least touch 1.0750.

Gold Feb Contract (GC, ETF: (GLD))
Narrow ranging overnight around 1212.00 persisted through Wednesday morning. Tuesday’s fulfillment of the “unfinished business above” may have ended the rally, but its opening print above all prior highs should still be tested from a pullback.

Silver Mar Contract (SI, ETF: (SLV))
Tuesday’s gap up above all prior highs was extended to a slightly higher close Wednesday that confirms the breakout, and requires at least an eventual higher close. The gap back down to 16.95 and 16.75 can be tested as support while maintaining the higher objective.

30-year Treasury Mar Contract (US, ETF: (TLT))
Gapping down Wednesday under 152-22 extended down intraday through the gap back to Friday’s 152-04 recovery close, and through it to 151-22. Closing back above 152-04 would keep the door open to yet again retesting recent highs. Meanwhile, the dip has room down to 151-10 before sealing a top.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday afternoon’s retest of the morning’s 52.50 pullback limit’s test was already bordering on overkill. Probing under it overnight and gapping down Wednesday to 51.50 threatens the entire corrective bounce and its 53.80 and 54.80 gap fill objectives.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Gapping down Wednesday stopped short of the nearby gap close wanting to be filled at 3.23 before bouncing to range sideways through the morning. So long as 3.50 isn’t recovered, even the gap down to 3.19 can be filled on this pullback.

Posted in Bigger Picture, Daily Spot, members-only