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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | November 24, 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))
Retesting last Wednesday’s 1.1860 open overnight before Thanksgiving waited for Friday morning before extending through last Wednesday’s 1.1880 high. And higher. Closing higher Monday would be problematic to resuming the decline before testing 1.2000.

Gold Dec Contract (GC, ETF: (GLD))
Wednesday’s surge resolved likely Friday’s, not being confirming by a second consecutive higher close instead of dipping back down overnight. Unlike the prior failed surge, the overnight didn’t extend, and remained in proximity to resume the rally.

Silver Dec Contract (SI, ETF: (SLV))
The 17.11 buy signal had only been tested Wednesday, so its overnight reaction down fell to 16.95 support could have triggered a new downleg if broken. The pullback held, and recovering 17.11 would still be credible for extending the rally.

30-year Treasury Dec Contract (US, ETF: (TLT))
Friday failed yet again to extend another probe above 154-00. It yet again failed to reverse down, only forming a sideways “inside day.” That remains in proximity to Wednesday’s 154-24 prior high in case the rally wants to resume prior to testing 153-00 as support.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Narrow sideways ranging around the 58.00 objective, which had been recovered Wednesday, finally resumed rallying ahead of Friday’s open. Fresh highs now target well above 61.00.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Trending down overnight was extended to gap down Friday. The distance of the open under all prior lows makes a bounce to “higher prior lows” unlikely, and unlikely to retrace and fill Friday’s gap to form a bottom.

Posted in Bigger Picture, Daily Spot, members-only