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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | October 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 Dec Contract (EC, ETF: (FXE, UUP))
Blipping-down on Friday morning’s data barely attacked the 1.1830 pullback limit. and was reversed up to a fresh high for the current correctioN. The balance of the session drifted back down, not triggering a sell signal, but undermining potential up to 1.1970.

Gold Dec Contract (GC, ETF: (GLD))
Despite Thursday having held the test of Tuesday’s 1286.50 high, the rally extended overnight and Friday morning probed fresh highs up to 1300.00. Rather than react down, that was extended higher intraday to probe 1305.00 and to all but suggest the bottom had completed already.

Silver Dec Contract (SI, ETF: (SLV))
Fresh highs overnight extended higher Friday morning, positioned to close a dime above 17.30 and reverse the trend back up officially.

30-year Treasury Dec Contract (US, ETF: (TLT))
Thursday’s close above 152-20 and 153-02 was exploited by surging in reaction to Friday morning’s econ reports. That was extended nearly 1 point to probe above 1540-04 Closing above 153-14 is the final confirmation that the trend has reversed back up, making a corrective dip down to 151-18,.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s gap down had originated from a position of strength, which was proved by an overnight rally that probed above Wednesday’s prior high. Intraday action settled back to test prior support, but the recovery attempt remains valid.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Extending the corrective bounce overnight attacked its 3.04 potential objective to within 1 cent. Its reaction down tested what had recently been a buy signal.

Posted in Bigger Picture, Daily Spot, members-only