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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | November 3, 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-up in reaction to Friday’s Employment Situation report stretched the rubber band more tightly than had the corrective bounce into Tuesday’s high. Snapping back down through the morning probed under Wednesday’s 1.1635 low, positioned to resume the decline into and out of the weekend.

Gold Dec Contract (GC, ETF: (GLD))
Already testing 1277.50 as support before Friday’s Employment Situation report, the reaction eventually broke lower to test 1266.50 support which the prior Friday’s dip had held. Any lower would require probing under the month-old 1263.00 area low.

Silver Dec Contract (SI, ETF: (SLV))
Hesitation at the 17.11 buy signal suffered its consequence Friday of spiking back under 16.95. The gap back down to Tuesday’s 16.66 close is an attraction, and its test would be vulnerable to extending to the outstanding 16.50 target.

30-year Treasury Dec Contract (US, ETF: (TLT))
Spiking up ever slightly touched 154-00 in reaction to Friday’s Employment Situation report. The balance of the session ranged choppily and narrowly back to Thursday’s test of 153-14, not decisively recovering it, so keeping alive potential for another dowddraft to 152-10.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Rallied overnight to fill the gap back to Wednesday’s 54.88 gap up. It was eventually repeated intraday, while extending to within a dim of the 55.70 target.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Overnight action had firmed to open Friday at the 2.97 buy signal. Firming further intraday tested 2.99, triggering the buy signal. Almost any further strength Monday morning would confirm momentum is reversing up.

Posted in Bigger Picture, Daily Spot, members-only