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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | October 12, 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))
Fluctuating narrowly Thursday keeps alive the corrective bounce targeting 1.1970, with room meanwhile down to 1.1830 before resuming the decline.

Gold Dec Contract (GC, ETF: (GLD))
Testing 1300.00 overnight was retraced enough for Thursday’s open only to overlap Tuesday’s 1296.50 high. It was still being overlapped through the afternoon, and needs to hold as resistance for a near-term pullback to remain likely.

Silver Dec Contract (SI, ETF: (SLV))
Probing higher overnight was unable to extend higher intraday, consolidating within the 17.11-17.20 range. A fresh high intraday Friday is possible in this pattern while still maintaining potential for one more corrective dip.

30-year Treasury Dec Contract (US, ETF: (TLT))
Firming overnight nevertheless spent much of Thursday still overlapping 152-20, before the afternoon trended back up to test this week’s 153-02 high. Closing above 152-20 does help to greet Friday’s barrage of econ reports and Fed speakers from a position of strength, which might be called upon to help absorb an initially negative knee-jerk reaction down to test 151-18 as support.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down Thursday under Wednesday’s lows extended down to the 50.25 buy signal. Its first intraday reaction up was retraced only up to 50.75 before dipping back down to 50.25, keeping alive the upside momentum — which is likely anyway, since Thursday’s EIA was greeted from a position of strength.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Gapping back up above 2.89 Thursday all but invalidated Wednesday’s close under it. Invalidated, in that the EIA reaction extended higher to test 2.99, and has potential for extending to 3.04. All but, in that the news was greeted from a position of weakness, which should limit its upside and still fill the gap back down to Monday’s 2.83 close.

Posted in Bigger Picture, Daily Spot, members-only