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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | February 23, 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))
Unlike last week’s instance of a similar setup, Wednesday’s key-reversal did not extend higher overnight. Thursday morning did firm a little above or around its 1.0565 bounce limit.

Gold Apr Contract (GC, ETF: (GLD))
Early-morning comments triggered a surge that gapped up Thursday to fresh highs. And having just retraced Tuesday’s recovery by 61.8% Wednesday, the correction has likely refueled the rally to put its 1259.00 target into play. Closing under 1243.50 would signal instead that momentum is reversing down.

Silver Mar Contract (SI, ETF: (SLV))
Gapping up Thursday fulfilled the longstanding 18.18 objective. Closing above prior highs would also put into play an extended target at 18.72. Closing under 17.95 would signal that momentum is reversing down, instead

30-year Treasury Mar Contract (US, ETF: (TLT))
Another close at 151-11 Wednesday resulted in another overnight rally back to 152-26 resistance. Another bounce wasn’t required in order to resume the decline, but it’s interesting the redundant bounce didn’t extend higher and only ranged narrowly above 151-11 — ineffectual optimism.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down Wednesday to the 53.58 sell signal and only fluctuating narrowly at it all day was reversed overnight to gap up Thursday. Attacking Tuesday’s prior highs up to 55.00 still didn’t extend higher, so no breakout formed.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Rallying even further overnight exacerbated the non-strong position that greeted Thursday morning’s EIA report. Two tests of 2.80 resolved down to 2.71, still likely to test Tuesday night’s 2.64 low.

Posted in Bigger Picture, Daily Spot, members-only