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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | December 1, 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))
Thursday’s bounce to the original 1.1930 sell signal had reacted down Friday morning to touch the 1.1860 sell signal, but bounced back up to test 1.1930.

Gold Feb Contract (GC, ETF: (GLD))
Spiking up Friday morning in reaction to the Flynn news probed back above Wednesday’s 1288.00 close. Its recovery would try rejecting Thursday’s break under 1280.50-1283.50. But extending up to 1292.50 didn’t prevent reversing back down to 1282.00. A second consecutive higher close Monday would have confirmed, but closing under 1288.00 would target fresh lows under 1273.00.

Silver Mar Contract (SI, ETF: (SLV))
Bounce potential to 16.60 was touched by the spike up in reaction to the Flynn news. With or without a bigger bounce up to 16.80, developing a bottoming pattern must still spend some time backing-and-filling.

30-year Treasury Dec Contract (US, ETF: (TLT))
Thursday’s late bounce touched 153-00 (to within 1 tick) and avoided closing under it, which would have targeted a retest of 152-04 or lower. Following-through overnight gapped up to 153-20 and extended sharply through 154-00 to 155-09. The afternoon dipped back down toward 154-00, but little or not further backing-and-filling should be necessary before extending the rally to fresh highs.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Overnight rallying off of the 57.40 buy signal gapped up 75 cents Friday morning, and then extended another $1. The gap back up to last Friday’s close was attacked to within a dime before reversing down toward the 57.90 open. Stopping pessimistically short of the prior suggests it will be probed by more than just a little, perhaps up to the rally’s 61.05 target.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Bouncing overnight gapped up to test 3.10-3.12 resistance which must hold through the close to maintain the decline’s 2.87 target.

Posted in Bigger Picture, Daily Spot, members-only