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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | September 20, 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 Dec Contract (EC, ETF: (FXE, UUP))
Extending higher again overnight had reacted down ahead of Wednesday’s FOMC events, testing the Pivotal Uptrending Support that has defined the past week’s rally. And yet another reaction up probed a fresh high at 1.2092. The FOMC reaction plunged back into Monday’s range at 1.1985, Extending down immediately isn’t required, but 1.1945 is the next lower attraction.

Gold Dec Contract (GC, ETF: (GLD))
Holding 1310.50 as support again Tuesday wasn’t the most bullish position for greeting Wednesday’s FOMC events. Already closing above 1318.50 would have been more bullish, but it was only tested overnight, and held intraday ahead of the post-close news. The knee-jerk reaction spiked down $11 to test this week’s lows around 1308.00.

Silver Dec Contract (SI, ETF: (SLV))
Firming overnight had probed the 17.30 buy signal that had avoided triggering Tuesday. But extending to test 17.50 didn’t prevent a reaction down from attacking 17.25.

30-year Treasury Dec Contract (US, ETF: (TLT))
Wednesday’s open wasn’t greeted optimistically, as price continued testing 154-04 as support. Its test probed its lowest levels down to 153-29. Not yet recovering any relevant resistance ahead of the FOMC events Knee-jerk reaction to the news probed slightly lower momentarily.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
[Rolling coverage forward today to Nov, which trades at a 40-cent premium to Oct…] Overnight and morning action remained within Tuesday’s range. But Wednesday’s open gapped up to Monday’s close and the morning extended back up to last week’s high, where a higher close would signal the rally had resumed

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Tuesday’s narrow ranging had started giving way overnight, with plenty of room below to expend selling pressure without it damaging the bullish chart. Testing 3.10 Wednesday still had room to 3.07 or 3.02 before suggesting momentum reversing down.

Posted in Bigger Picture, Daily Spot, members-only