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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | October 5, 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))
Gapping down to attack recent intraday lows at 1.1780 then trended down through the morning to probe under 1.1760, potentially launching the next downleg except for the gap and higher prior lows now outstanding from the midweek consolidation.

Gold Dec Contract (GC, ETF: (GLD))
Thursday’s shallow gap up was soon retraced to test Wednesday’s close, possibly inhibited by anxiousness ahead of Friday’s Employment Situation report.

Silver Dec Contract (SI, ETF: (SLV))
Gapping up Thursday immediately began gravitating back down to Wednesday’s close, still attracted to the outstanding target below at 16.50.

30-year Treasury Dec Contract (US, ETF: (TLT))
Thursday’s early strength was soon reversed down by the outstanding requirement for at least one more new low close. The morning’s dip touched Tuesday’s 152-00 low ahead of Friday’s Employment Situation report.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday morning’s surge back into Tuesday’s range broke its 50.75 high which is also the pattern’s buy signal. Closing above 51.55 would confirm the 52.75 high will be retested.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA weasn’t greeted from a position of weakness, but neither was it a position of strength. So the knee-jerk reaction up to 2.99-3.00 resistance reacted back down into Wednesday’s range, with potential for filling the gap back down to Tuesday’s 2.89 close.

Posted in Bigger Picture, Daily Spot, members-only