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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | February 6, 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))
Friday’s spike low in reaction to Payrolls was retested immediately by Monday’s gap down, but not extended — certainly not on a closing basis — which would trigger a much deeper reversal down.

Gold Apr Contract (GC, ETF: (GLD))
Two consecutive sessions of only overlapping the 1218.00 buy signal didn’t prevent trending up Sunday night or gapping up Monday morning. The breakout from a multi-session range would be confirmed by a second consecutive higher close Tuesday, targeting 1235.00 and potentially 1259.00.

Silver Mar Contract (SI, ETF: (SLV))
Gapping up Monday to test 17.63 resistance was extended higher intraday to fill the gap back up to Thursday’s 17.71 open. Extending higher through Tuesday’s close would target 18.18, and potentially also 18.70.

30-year Treasury Mar Contract (US, ETF: (TLT))
The bearish, distributive sealed top had already extended its bounce from Jan 3’s obligatory support. Friday’s failed bounce didn’t extend down any deeper, nor did it prevent gapping up Monday to test the 151-11 extreme bounce limit. Immediately reacting back down under 150-24 may be the only near-term path lower.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Firming Sunday night was barely recognized by Monday’s open. Reversing back down into negative territory hasn’t invalidated potential for extending to 55.25, but any further reaction down would start to suggest 54.25 resistance has held.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Gapping down Monday to a fresh low at 3.00 didn’t extend down any deeper to the lower objective outstanding at 2.91. Rather, a bounce filled the gap back up to Friday’s 3.06 close. That attraction above is neutralized, so the decline should resume and be productive by Tuesday afternoon.

Posted in Bigger Picture, Daily Spot, members-only