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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | January 27, 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))
A slightly lower low under 1.0690 overnight had recovered before Friday’s GDP and Durable Goods triggered a surge. The bounce should hold 1.0760 to maintain potential to break durably under 1.0690.

Gold Feb Contract (GC, ETF: (GLD))
Probing lower overnight still recovered Friday to hover at or above 1184.50. Having held its support for two consecutive sessions, a corrective bounce to 1195.00 and possibly 1209.00 remains possible.

Silver Mar Contract (SI, ETF: (SLV))
Piercing the 16.75 sell signal only slightly deeper before and after Friday’s open was rejected by a morning surge that filled the gap back up to Tuesday’s 17.15 close, keeping alive potential for an eventual fresh trend high close above 17.27.

30-year Treasury Mar Contract (US, ETF: (TLT))
Thursday afternoon’s bounce was extended Friday, quickly testing 150-10, which contained the balance of the session. The bounce remains likely to be only temporary, before resuming its substantial decline.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s opening dip immediately pierced the new 53.20 sell signal, eventually breaking lower to the 52.50 sell signal that had narrowly avoided triggering Wednesday. Extending under 52.25 would confirm the next downleg is underway.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Thursday’s failed breakout attempt above 3.40 was retraced a little deeper overnight, and then more so intraday Friday to test 3.25. Its reaction was substantial, closing back above the 3.34 sell signal, which remains in-play.

Posted in Bigger Picture, Daily Spot, members-only