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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | November 21, 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))
Softening a little deeper Tuesday morning to 1.1730 still firmed back up to 1.1760, whose break through the close would trigger a deeper retracement if not also resume the decline.

Gold Dec Contract (GC, ETF: (GLD))
The volatility persisted Tuesday by the morning’s surge back up to 1285.00 resistance, whose recovery would be likely to resume Friday’s rally, especially if confirmed above 1288.00. Not closing above 1285.00 all but confirms Monday’s reversal down as being likely to extend to fresh lows.

Silver Dec Contract (SI, ETF: (SLV))
Tuesday morning’s bounce did not extend above 16.95 and only overlapped it through the afternoon, requiring a close above 17.11 to reverse the trend back up and to avoid fresh lows at 16.50.

30-year Treasury Dec Contract (US, ETF: (TLT))
Probing above 154-00 overnight again was maintained this time for Tuesday morning to trade exclusively above the buy signal. Closing above it would trigger a new rally leg, still requiring confirmation of a second consecutive higher close Wednesday. But still overlapping it keeps the door open to at least testing 153-00.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s reaction down from Friday’s close above the 56.20 buy signal was recovered overnight and extended to fresh highs intraday. Wednesday’s EIA report is already being greeted from a position of strength. But also closing above the 56.85 confirmation would next target a retest of the two-week old intraday surge’s 58.00 test.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
A fresh low overnight was recovered into Tuesday morning to range between the 3.04-3.06 triggers, whose break either way would be likely to trend in that direction. The afternoon drifted back down to the overnight lows, probably not on the way to greeting Thursday’s EIA report from a position of strength.

Posted in Bigger Picture, Daily Spot, members-only