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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | March 13, 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 Jun Contract (EC, ETF: (FXE, UUP))
Yet higher highs Sunday night filled a four-week old gap outstanding at 1.0760 that should react down into at least a temporary dip, if not also start to reverse the recent uptrend back down.

Gold Apr Contract (GC, ETF: (GLD))
Sunday night’s probe above Friday morning’s high was retraced before Monday’s open. A fresh low at 1192.00 remains possible, but not required before closing above 1209.00 reverses the trend back up.

Silver May Contract (SI, ETF: (SLV))
Probing Sunday night above Friday’s highs was retraced into Monday’s open, still needing only to close above 17.05 to at least begin signaling the decline is ended.

30-year Treasury Jun Contract (US, ETF: (TLT))
Lower lows Monday prevented what would have been a premature recovery from refueling the decline. While there remains potential for extending to lower objectives, closing above 147-12 would at launch a corrective bounce having potential up to 148-22.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh lows Sunday night attacked the 47.25 target down to 47.90, which remains intact so long as bounces now hold any test of 49.95 as resistance.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
The blizzard working its way into New England helped to produce another Sunday night gap up. Monday essentially ranged above prior highs. A positive close fulfills the minimum requirement of last week’s confirmed breakout, and back under 2.95 would reverse the trend back down.

Posted in Bigger Picture, Daily Spot, members-only