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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | November 29, 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))
Tuesday’s probing of the 1.1860 sell signal still wasn’t resolved Wednesday, despite probing a little lower overnight and generally remaining under the signal all day.

Gold Dec Contract (GC, ETF: (GLD))
Upside momentum had become jeopardized by two consecutive sessions holding the recently filled 1295.50 gap instead of extending through it. Interim weakness was not exploiting its test of support. The consequence was Wednesday’s break lower, to and through the 1285.50 sell signal. A second consecutive lower close Thursday under 1280.50 would confirm a bigger downleg underway.

Silver Dec Contract (SI, ETF: (SLV))
Holding last week’s test of the 17.11 buy signal had reacted down to 16.95 support, and then to almost fill an outstanding gap at 16.70 to within 2 cents. Stopping optimistically short of the objective suggested that testing the next lower objective at 16.50 would be done more aggressively. Breaking sharply lower Wednesday morning extended to fresh lows at 16.45.

30-year Treasury Dec Contract (US, ETF: (TLT))
Repeated failures to extend intraday bounces had continually held 154-00 as support. Its eventual break could have bottomed at 153-20, but Wednesday opened there and extended down to test 153-00. Back above 153-20 would signal a pullback had ended, and recovering 154-00 and higher would be only a formality. Closing under 153-00 would signal a much deeper downleg underway.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s failure to recover 58.15 compounded with Monday’s similar failure, keeping alive the pullback’s downside potential. Weakness after Tuesday’s API and Wednesday morning’s EIA extended the pullback to test “lower prior highs” and to fill a gap down to 56.75. Closing back above 57.40 would signal the pullback had ended and momentum is reversing up.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Gapping up again Wednesday probed the 3.12-3.16 bounce limit. Closing higher suggests the lows won’t be retested before a more substantial rally develops. Unless confirmed by a second consecutive higher close Thursday, the likelier scenario would reverse down first to retest the lows and an outstanding objective at 2.77.

Posted in Bigger Picture, Daily Spot, members-only