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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | February 9, 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 probed slightly lower lows, suggesting both that the prior two sessions’ consolidation had not formed a bottom, and that filling the gap back down to 1.0645 remains in-play.

Gold Apr Contract (GC, ETF: (GLD))
Maintaining Wednesday’s gap up overnight into Thursday’s open didn’t prevent breaking lower during the morning to fill the gap back down to Tuesday’s 1236.00 close, and probing $4 lower. Wednesday’s opening gap up to 1242.00 is now an attraction, and extending any higher would next target 1259.00.

Silver Mar Contract (SI, ETF: (SLV))
Ranging sideways Wednesday night didn’t attract new sponsorship for Thursday morning, which dipped back down to test 17.63 as support. A new recovery high close remains likely so long as support holds.

30-year Treasury Mar Contract (US, ETF: (TLT))
Briefly probing into positive territory overnight failed to resume the rally above its 153-12 objective that had been probed already Wednesday up to 153-21. Thursday’s open soon probed under the 152-18 sell signal and extended down to 151-31.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up Thursday immediately filled the gap back to Monday’s 53.00 close, and fluctuated choppily around it intraday. Filling the gap didn’t also reverse momentum up, so Thursday’s bounce isn’t disqualified from being only a temporary correction before resuming the decline .

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Probing higher overnight above the 3.15 bounce limit only exacerbated the non-strong position greeting Thursday’s EIA report. Its reaction down probed negative territory down to 3.10, and closing under 3.06 would resume the downleg next targeting 2.91.

Posted in Bigger Picture, Daily Spot, members-only