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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | February 14, 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))
Firming overnight was reversing already into Tuesday’s open, and then dropped to fresh lows amid Yellen’s Senate testimony. The 1.0570 target was met at the low. Extending the drop would next target 1.0470 so long as 1.0605 holds bounces.

Gold Apr Contract (GC, ETF: (GLD))
Gapping up Tuesday filled the gap back to Friday’s 1236.00 close, and then reversed back into negative territory amid Yellen’s Senate testimony. Fluctuating around unchanged and hovering under 1229.00-1230.00 must hold above 1220.00 to maintain near-term potential for filling the gap back to last Wednesday’s 1242.00 opening gap.

Silver Mar Contract (SI, ETF: (SLV))
Gapping up Tuesday within Monday’s range probed higher initially, and then reversed back into negative territory amid Yellen’s Senate testimony. Positive territory was quickly recovered, and not relinquished. The 18.18 target remains in-play so long as 17.50.

30-year Treasury Mar Contract (US, ETF: (TLT))
Attacking Monday’s lows overnight had already threatened to reverse its intraday bounce back up to 151-11. Plunging post-open to fresh lows  at 149-29 filled the gap back to Feb 3 where the rogue rally had developed. Bounce should hold 150-26 to maintain the decline’s momentum.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up Tuesday only tested the 53.55 resistance whose recovery would all but ensure extending up to 55.25 next. Reacting back down to 53.00 held, while breaking back under 53.25 is still necessary to signal a new downleg underway.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Fresh lows overnight fulfilled the 2.91 objective, and gapped down there, ranging very narrowly around it and 1-2 cents under it. There is no new signal, and an immediate recovery is unlikely after having gapped down on Tuesday.

Posted in Bigger Picture, Daily Spot, members-only