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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | October 23, 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))
Slipping further Sunday night retraced the balance of last week’s interim bounce from 1.1775. The next lower objective at 1.1760 remains in-play, as well as its likely break.

Gold Dec Contract (GC, ETF: (GLD))
The original 1277.50-1280.50 pullback target had been attacked as support Friday, and then probed entirely Sunday night into Monday morning’s attack on 1273.50. A Fed-related headline triggered a spike up into positive territory above 1280.50 to suggest sellers are trapped. Closing higher Tuesday — preferably above 1288.00 would reverse the trend up.

Silver Dec Contract (SI, ETF: (SLV))
Sunday night’s weakness initially held Friday’s 16.95 low, but Monday morning attacked 16.85. A Fed-related headline triggered a spike up into positive territory testing 17.11. Closing above 17.30 is still necessary to sealing a bottom, but closing Tuesday above Monday’s high would be credible for extending higher.

30-year Treasury Dec Contract (US, ETF: (TLT))
Narrow choppy ranging overnight firmed at one point Monday morning up to 152-20. Its recovery would be compelling for starting to reverse momentum up, but the actual buy signal remains 153-00, or else a deeper dip to 151-18 remains likely first.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Greeting Monday flat with Friday’s close firmed through the open, but mostly gravitated back to or toward unchanged. Regardless, the constructive backing-and-filling should be done, leaving little or no reason not to resume the rally by Tuesday morning.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Thursday’s premature bounce from a fresh low to back above the inflection point had extended higher Friday, and then gapped up Sunday night. Testing resistance at 3.00 requires the recovery to hold 2.95 as support, and closing back under it would likely retest 2.84.

Posted in Bigger Picture, Daily Spot, members-only