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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | February 16, 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))
Despite initially extending lower after gaping down under its 1.0570 target, Wednesday bounced back into positive territory. Now despite having held its 1.0605 bounce limit through Wednesday’s close, Thursday gapped up to the 1.0645 prior target. And extended higher to 1.0695 resistance. Which is all a little quick to be durable, so a dip back down to 1.0560 is likely.

Gold Apr Contract (GC, ETF: (GLD))
Gapping up Thursday above the prior recent rally peaks at 1236.00 extended to test the 1242.00 minimum objective and attack 1244.00. A second consecutive higher close Friday would signal that the bounce’s delay will be compensated for by extending to 1259.00.

Silver Mar Contract (SI, ETF: (SLV))
Thursday’s gap up extended to within a nickel of the 18.18 objective, whose recovery through the close would next target 18.72.

30-year Treasury Mar Contract (US, ETF: (TLT))
Firming Thursday morning probed the adjusted 150-14 bounce limit as well as the previous 150-26 bounce limit, attacking 151-11. The bounce developed from Wednesday’s test of February’s prior lows, so it is likely only obligatory and temporary. And rejecting a single day’s probe above the bounce limit(s) by reversing down sharply Friday can reinstate the decline’s momentum.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The 52.55-53.55 range persisted Thursday, once again dipping only to 52.75. The range’s upper-end was also tested, continuing to chip away at both resistance and support in the same session to suggest that a break either way is nearing.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report was greeted from a position of strength to the extent that the decline’s 2.91 target had been met, and held, and reacted to. But only briefly, and without yet reversing momentum up, keeping the door open to at least a negative knee-jerk reaction down. Which the report’s reaction fulfilled by dropping to fresh lows. Closing back above 2.93 would start to confirm a bottom is forming.

Posted in Bigger Picture, Daily Spot, members-only