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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | November 30, 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))
Probing lower overnight didn’t ensure finally triggering the 1.1860 sell signal that was still being tested during the two prior sessions. In fact, Thursday morning rallied up to the 1.1930 sell signal that had triggered Monday. Its resistance held, and closing back under 1.1860 would still signal the trend reversing down.

Gold Feb Contract (GC, ETF: (GLD))
Wednesday’s break under the 1288.00 sell signal extended down a little deeper overnight and through Thursday morning, accelerating through 1283.50 and 1280.50 to 1273.00. Next targeted is 1269.00, so long as bounces now hold 1278.00 as resistance.

Silver Mar Contract (SI, ETF: (SLV))
Further weakness overnight and Thursday morning extended under the 16.60 objective met Wednesday. Stopping optimistically short of the 16.80 objective previously had ensured a deeper test of the next attraction. And now fresh lows are being probed. This is not a pattern that reverses up sharply, not durably, so no buy signal is expected until next week.

30-year Treasury Dec Contract (US, ETF: (TLT))
Several overnight probes under 153-00 support weren’t very promising for recovering 153-20 to resume the rally. Indeed, the morning broke sharply lower to 152-04, targeting at least “lower prior highs” down to 151-06.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Already bouncing overnight above the 57.40 buy signal, Thursday morning dipped back down to the 56.80 pullback limit that had held Wednesday. It was tested throughout the balance of the session, still needing to hold for the pullback to have ended.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Gapping back down Thursday under 3.12 was the only way to reject Wednesday’s close above 3.16. Extending down sharply intraday to test 3.01 already indicates the trend reversing down, attracted to gaps outstanding below, and to a fresh low targeting 2.87.

Posted in Bigger Picture, Daily Spot, members-only