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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | March 9, 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))
Spiking up in reaction to Thursday’s ECB events was retraced back under the 1.0585 bounce limit but still held 1.0570 whose break should resume the decline targeting 1.0470..

Gold Apr Contract (GC, ETF: (GLD))
Fresh lows extended the decline to probe under its 1208.50-1209.00 objective Thursday down to 1201.00, next targeting 1198.00-1199.00.

Silver May Contract (SI, ETF: (SLV))
The decline extended overnight and into Thursday morning to fulfill the 17.05 target. It wasn’t rejected, so probing it is likely.

30-year Treasury Jun Contract (US, ETF: (TLT))
Wednesday’s 148-04 bounce limit test was retraced overnight and fresh lows were probed Thursday morning on the way to an afternoon drop testing 146-20. January’s low is now being probed, next targeting 146-00 and potentially 144-00.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh lows overnight extended Wednesday’s plunge to attack the 48.55 target to within a nickel. A corrective bounce is increasingly possible ahead of the 47.25 target.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Already firming through Monday’s 2.95 high, Thursday’s EIA report triggered a slight knee-jerk reaction up. Its retracement was recovered to a fresh high at 2.98, but 2.95 was still being tested into the close.

Posted in Bigger Picture, Daily Spot, members-only