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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | October 20, 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))
Wednesday’s 1.1830 close was tested overnight, but Friday’s open was higher. Nevertheless, the morning slid through it down to 1.1800, still likely resuming the decline and proving Thursday’s interim bounce was a detour.

Gold Dec Contract (GC, ETF: (GLD))
Thursday’s close above 1288.00 wasn’t optimal, requiring a second consecutive higher close. But Friday trended back down to retest the decline’s original 1280.50 target as support. Closing back above 1288.00 would still be credible for resuming the recovery rally.

Silver Dec Contract credible ETF: (SLV))
An overnight dip down to 17.11 extended down Friday morning to test 17.00 support. Now a clsoing above 17.30 is required to resume the recovery rally. But immediately recovering 17.11 would be credible for early warning.

30-year Treasury Dec Contract (US, ETF: (TLT))
Sliding overnight from Thursday’s close AT the 153-14 buy signal gapped down to Wednesday’s close at 152-20 lower prior highs. And then continued sliding through the morning to 151-25. The original pullback potential down to 151-18 that had been optimal to test before rallying is now a required test. And not holding it would suggest a new downleg underway. Closing back above 152-20 would put into play new recovery highs.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
[Rolling coverage forward to Dec, which is trading at a 15-20 cent premium to Nov]. Extending down overnight back to the original 50.75 target buy signal coincided with uptrending pivotal support from the bottoming pattern, itself. Their near-term supportive influence reverse price back up into positive territory Friday morning, but didn’t assure the pullback had ended.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Fresh recovery highs overnight attacked 2.92, which was recovering into Friday afternoon. Thursday’s reversal back from a fresh trend low to close above a buy signal was premature, so restrained optimism like Friday’s pattern is constructive to a recovery next week.

Posted in Bigger Picture, Daily Spot, members-only