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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | March 3, 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 held its test of Thursday’s gap down, maintaining the decline’s 1.0470 outstanding target.

Gold Apr Contract (GC, ETF: (GLD))
Thursday’s break under the 1241.00 sell signal and 1238.00 confirmation probed lower overnight and extended Friday morning to test prior lows down to 1223.00. Back above 1233.00 is the minimum requirement to signal momentum reversing up.

Silver May Contract (SI, ETF: (SLV))
Thursday’s plunge barely bounced overnight before probing lower Friday morning to test 17.70 support. Avoiding a second consecutive lower close would avoid requiring at least a third eventual lower close, but the pattern does not appear capable otherwise of avoiding that.

30-year Treasury Mar Contract (US, ETF: (TLT))
Having confirmed the trend change with Thursday’s second consecutive close under 151-11, Friday drifted to fresh lows under 150-00 into the weekend. Under 149-22 would confirm the drop targeting 148-02 is underway.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s break under the 53.58 sell signal came at a point in the pattern that could be very bearish if confirmed, but Friday’s bounce is avoiding a second consecutive lower close. The default is not necessarily bearish, and the pattern remains vulnerable to probing fresh lows Monday.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Firming slightly Friday to test 2.82 resistance still has room to test 2.86 while still being required to probe under the prior week’s overnight 2.64 lows.

Posted in Bigger Picture, Daily Spot, members-only