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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | January 19, 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 morning’s weakness extended Wednesday’s reversal, attacking the 1.0605 sell signal. Its reaction up to 1.0665 can suffice as backing-and-filling to allow a break lower, so long as 1.0700 holds as resistance.

Gold Feb Contract (GC, ETF: (GLD))
Wednesday night’s dip extended down intraday Thursday to test the 1195.00 sell signal. Meanwhile, its support can launch a bounce back above 1205.00 that fills Tuesday’s opening gap at 1214.00 and even retests its 1218.50 overnight high.

Silver Mar Contract (SI, ETF: (SLV))
Trending down overnight tested the 16.95 “lower prior highs,” which was probed intraday to also touch the 16.75 sell signal’s confirmation. Regardless, Tuesday’s confirmed breakout still requires at least an eventual third higher close.

30-year Treasury Mar Contract (US, ETF: (TLT))
Wednesday’s drop extended deeper Thursday to test relevant support at 151-12. Probed by a quarter-point intraday, closing under 151-12 essentially seals a top, while closing above it enables at least another corrective bounce first.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Choppiness around 51.50 persisted Thursday as the potential grew for extending lower to 48.20 and 47.00 before another rally leg could begin. Otherwise, back above 52.50 would start to suggest a bounce underway.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report was greeted from a position of weakness, but the day’s 3.25 low was still short of filling the gap outstanding at 3.23. Its reaction up filled the gap back to Tuesday’s 3.40 close, keeping alive the lower objectives. Back above 3.50 would target 3.65.

Posted in Bigger Picture, Daily Spot, members-only