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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | October 17, 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))
Monday’s gap down from Friday’s intraday round trip gapped down Tuesday to attack 1.1760. Neither session extended down intraday — Tuesday firmed to attack Monday’s 1.1830 close. Breaking under 1.1760 remains likely and likely to extend down sharply.

Gold Dec Contract (GC, ETF: (GLD))
Monday’s failure to confirm Friday’s opening surge extended down sharply overnight to test the pivotal 1288.00 level. Closing any lower would next target a complete correction to 1277.50-1280.50. Probing it intraday attacked 1283.00, which would allow a correction to end by rejecting a fresh low Wednesday morning.

Silver Dec Contract (SI, ETF: (SLV))
Dipping Monday to attack 17.30 support extended lower overnight to open Tuesday at 17.11. Extending down lower through the morning tested 17.00, whose break would target 16.85.

30-year Treasury Dec Contract (US, ETF: (TLT))
Narrow ranging overnight found strength Tuesday morning, recovering to attack Friday’s 154-5 highs. That’s not yet sufficient to confirm the rally is resuming.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Overnight strength stopped short of Monday morning’s high, and then Tuesday morning dipped on peace seeming to break out between Iraq and the Kurds. The gap back down to Friday’s 51.40 close was filled, neutralizing its attraction below, and maintaining the minimum 53.65 upside objective.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Despite still having at least 1 cent remaining in its minimum pullback objective to 2.92, rallying overnight returned to  the 3.00 pullback limit which had broken lower Sunday night. It was eventually probed up to 3.02, but the afternoon reacted down to 2.96, stopping optimistically short of filling the gap back to Monday’s close, still having potential down to 2.89 and 2.82.

Posted in Bigger Picture, Daily Spot, members-only