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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | February 22, 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 to a fresh low Wednesday and extended to attack 1.0500 was reversed back above Tuesday’s close to test the 1.0585 bounce limit in positive territory. This once again leaves a gap below all prior lows that wants to be retested from above. The last instance took an immediate and sizable detour, making this instance likelier to resolve down sooner.

Gold Apr Contract (GC, ETF: (GLD))
Tuesday’s recovery from gapping down had neutralized the attraction above at the gap back up to Friday’s close. Without extending higher immediately, Wednesday was vulnerable to retracing the recovery. The sell signal had been adjusted up to 1233.50 and was tested Wednesday.

Silver Mar Contract (SI, ETF: (SLV))
No new sponsorship emerged Wednesday to extend Tuesday’s intraday recovery that had peaked upon filling the gap back up to Friday’s close. The pullback held its test of 18.00, but the rally can’t afford to hesitate extending.

30-year Treasury Mar Contract (US, ETF: (TLT))
Overnight strength filled the gap back to Friday’s 151-28 open which itself had retraced back down to the 151-11 bounce limit. Wednesday morning soon reversed sharply from 152-06 back under 151-11 to 150-24.into negative territory. Its reaction is trying to recover 151-11.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s breakout had been largely retraced, albeit not entirely. But its overnight reversal gapped down at Wednesday’s open, not confirming Tuesday’s shallow breakout. The newly-adjusted 53.55 sell signal was itself tested.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Fresh lows down to 2.64 overnight formed an inverted Head & Shoulders pattern that greeted Wednesday’s open by rallying back into Tuesday’s range. Extending higher to 2.75 during the morning was reversed back down under Tuesday’s low, leaving only a fresh high Thursday to reverse momentum back up.

Posted in Bigger Picture, Daily Spot, members-only