Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the disable-gutenberg domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/jwl23/public_html/rd.johnlander.me/wp-includes/functions.php on line 6131
Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | October 19, 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))
Thursday’s gap up extended higher to 1.1895 before reversing back down to its 1.1870 opening print. Gapping open Friday back to and through Wednesday’s ~1.1835 close would resume the decline.

Gold Dec Contract (GC, ETF: (GLD))
Wednesday’s low had left only $1 of room to fully test the 1277.50-1280.50 pullback target, but overnight action fulfilled it to within a dime. Thursday’s open was already testing the 1288.88 buy signal, and probing it by up to $4, so not actually triggering it would be as bearish as it would have been bullish.

Silver Dec Contract (SI, ETF: (SLV))
Holding 17.00 Wednesday allowed closing back above 17.11 to signal the correction had ended. Thursday’s gap up to 17.11 extended higher through the morning. .

30-year Treasury Dec Contract (US, ETF: (TLT))
Thursday’s open gapped up to the 153-14 buy signal that had been probed by Wednesday’s gap down to 152-26 “lower prior highs.” Trending up through the morning filled the gap back to Tuesday’s 154-02 close. Closing any higher Friday would confirm the recovery was extending higher.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down Thursday to attack 51.00 needed to close back above 51.55 for the 52.55 target to remain intact. The intraday bounce tested 51.55 by a dime.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Greeted Thursday’s EIA report from a position of weakness. So the knee-jerk reaction’s blip-up to 2.88 reversed down sharply through the 2.82 objective to fresh lows at 2.77. Closing back above 2.84 does begin to s the trend is at least bottoming.

Posted in Bigger Picture, Daily Spot, members-only