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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | November 6, 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))
Fresh lows overnight spent Monday mostly fluctuating choppily at recent lows, still likely to extend the long-awaited break lower.

Gold Dec Contract (GC, ETF: (GLD))
Monday morning’s rally attacked above last week’s 1285.00 high up to 1284.00, extending Friday’s recovering from testing 1266.50 support. Closing above 1285.00 only needs confirmation from a second consecutive higher close on Tuesday to likely complete a bottom.

Silver Dec Contract (SI, ETF: (SLV))
Friday’s reaction down had all but invalidated Thursday’s gap up that got out of the orbit of 16.50 below. But the new week didn’t extend it, and instead retraced back to the last week’s 17.25 high. The base is suspect for being qualified to launch a durable upleg, and back under 16.95 would target 16.50.

30-year Treasury Dec Contract (US, ETF: (TLT))
Monday’s gap up to the 4-week old prior highs at 154-00/154-04 probed fresh recovery highs, but suffered much the same lack of intraday momentum as did Friday. Tuesday may yet extend higher, too. But extending any higher at this stage of the pattern must begin behaving more aggressively intraday to be valid and relatively safe from being reversed back down.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Despite having met and held the 55.70 target Friday afternoon, Saudi turmoil had already pushed price higher Sunday night. Extending sharply higher Monday to test 57.60 now requires pullbacks to hold 55.30 as support to avoid reversing momentum down.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Barely triggering the 2.97 buy signal Friday didn’t prevent gapping up sharply Monday, and extending higher intraday to eventually test 3.12 resistance. Closing 2 cents above it will next target 3.20 unless Tuesday were to close back under 3.09 and signal momentum reversing down to fill a couple of gaps outstanding down to 2.94.

Posted in Bigger Picture, Daily Spot, members-only