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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | February 21, 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))
Gapping down Tuesday filled the gap back to the low’s open, which was likely regardless of its resolution. Bounces must now hold 1.0605 to maintain the 1.0470 target.

Gold Apr Contract (GC, ETF: (GLD))
Gapping down sharply Tuesday to what had previously been the 1229.00-1230.00 buy signal quickly bottomed and the morning recovered entirely back up to 1240.00, filling the gap back to Friday’s close and neutralizing its attraction above. Closing above 1243.50 would target 1259.00, but there is otherwise no requirement to rally any further

Silver Mar Contract (SI, ETF: (SLV))
Tuesday’s gap down to 17.85 support was recovered entirely through the morning back up to above 18.00 to neutralize the attraction back to Friday’s close. A higher close Wednesday would keep alive the potential for fresh highs still targeting 18.18.

30-year Treasury Mar Contract (US, ETF: (TLT))
Gapping down Tuesday to 150-19 was recovered entirely and reversed into positive territory before noon to 151-23. Its reaction down struggled to hold the 151-11 bounce limit as support.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh relative highs overnight triggered a gap up Tuesday above 54.65 to touch 55.00, which would next target 55.60 where a much more significant directional decision would be made, But the break wasn’t maintained, so it now relies on a second consecutive higher close Wednesday to confirm.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Trending down overnight extended the decline to fresh lows, gapping down Tuesday to 2.80 and trending down another dime. Bounces have room up to 2..83 without even threatening to reverse momentum up.

Posted in Bigger Picture, Daily Spot, members-only