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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | November 27, 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))
Slightly higher highs Sunday night were probed Monday morning up to 1.1975 before reversing down sharply to test 1.1910. Just closing under 1.1930 suggests momentum is already reversing down, which would be confirmed back under 1.1855.

Gold Dec Contract (GC, ETF: (GLD))
Sunday night’s rally greeted Monday’s open gapping up to the prior Friday’s opening gap at 1295.50. Extending to probe fresh relative highs at 1299.00 must now hold the 1293.00 pullback limit to suggest the rally’s momentum remains intact. Extending higher Tuesday could be substantial, but back under 1285.00 would target new lows.

Silver Dec Contract (SI, ETF: (SLV))
Monday’s gap up to 17.11 tried probing higher momentarily before being reversed back down to 17.00. Closing under 16.95 would target new lows..

30-year Treasury Dec Contract (US, ETF: (TLT))
Opening flat-to-higher Monday only ranged choppily around unchanged, supported by a test of 154-00. Delaying a break higher above 154-00 is only making an aggressive downside resolution likelier.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s gap down leaves a gap outstanding back up to Friday’s close around 59.00. The intraday dip probed well into Thursday’s range, filling its gap and recovering back above Thursday’s highs to maintain the upside momentum.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Gapping up Monday created new “unfinished business below”  at the gap back down to Friday’s 2.82 close. It also delays the likely probe under Friday’s 2.97 low, which was likely for Friday having trended down to fresh trend lows.

Posted in Bigger Picture, Daily Spot, members-only