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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | February 24, 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 up Friday was quickly retraced back down to the 1.0585 bounce limit that Thursday had only fluctuated narrowly around, maintaining the downside momentum targeting 1.0470.

Gold Apr Contract (GC, ETF: (GLD))
Rallying overnight gapped up Friday to immediately fulfill the 1259.00 objective. Probing higher was retraced back down to attack Thursday’s range. The second consecutive higher close confirms the breakout, requiring at least an eventual third higher close.

Silver Mar Contract (SI, ETF: (SLV))
Friday’s gap up extended higher through the morning. Thursday’s test of the 18.18 objective was a fresh high close, but not an optimal breakout while still ranging around prior highs. But the burden of proof is on sellers to avoid trending higher.

30-year Treasury Mar Contract (US, ETF: (TLT))
Thursday’s optimism may have been ineffectual for not trending higher, but Friday’s open compensated for the delay by gapping up through 152-06 resistance and then trending higher intraday. A second consecutive higher close Monday would confirm a much bigger rally underway. Closing back under 151-11 would instead launch a steep decline.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s gap down finished off Thursday’s failure to extend its gap up. Friday’s gap down also attacked Wednesday’s test of the 53.68 sell signal that had only been ranged narrowly around.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
With room above to 2.86 as noise, and an attraction to probe under Tuesday night’s new lows at 2.65, Friday’s session only ranged narrowly sideways.

Posted in Bigger Picture, Daily Spot, members-only