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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | December 8, 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))
Initially extending down more aggressively to the 3-week old prior low at 1.1780 all but confirmed the 5-week rally’s back is broken, and targeting a complete retracement to at least retest 1.1580.

Gold Feb Contract (GC, ETF: (GLD))
Thursay’s lat selling tested targeted support at 1253.00, greeting Friday’s Employment Situation report from a position of weakness. Its reaction plunged further to test 1244.50, still not forming a bottom or buy signal.

Silver Mar Contract (SI, ETF: (SLV))
Almost all of the 15.65-15.70 target was tested before Friday’s Employment Situation report. Reaction to the news wasn’t substantial, and only firmed around Thursday’s range. The 15.90 intraday high stopped pessimistically short of filling the gap back up to Wednesday’s 15.97 close. Target met, and held, and ineffectual pessimism, all suggest that initial strength Monday would be credible for extending higher intraday.

30-year Treasury Dec Contract (US, ETF: (TLT))
Thursday’s late break under the 153-10 sell signal could have been last-minute pessimism ahead of Friday’s Employment Situation report. That would be potentially bullish from a contrarian perspective. Perhaps it was, confining the reaction to a narrow range around unchanged, and not confirming the prior day’s break. Early strength would be credible for testing 154-00, which must be recovered to start signaling momentum reversing up.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Rallying overnight gapped up to what had been the prior rally’s 57.40 buy signal, which is now the bounce limit to maintain the current downleg’s 55.50 target area that would be triggered back under 56.80.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Friday’s narrowly ranging session creates a multi-session range with Thursday. It also fails to confirm Thursday as a breakout. Closing higher or lower would trigger a new breakout.

Posted in Bigger Picture, Daily Spot, members-only