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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | December 12, 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))
Monday’s bounce had held 1.1815 resistance and closed back at 1.1790 support to prevent the bounce from gaining traction. Which Tuesday exploited by gapping down and extending lower intraday to fresh multi-week lows attacking 1.1710.

Gold Feb Contract (GC, ETF: (GLD))
Post-close weakness could hardly wait to extend lower Tuesday morning to test 1238.50. Closing back above 1251.00 would now signal the trend reversing up, but it meanwhile remains down in an ongoing series of lower lows and lower highs.

Silver Mar Contract (SI, ETF: (SLV))
Already having tested the 15.65-15.70 area overnight last week would have sufficed as a low, but it was retested anyway Tuesday, and slightly lower. Closing back above 15.80 and 15.90 would now signal the trend reversing up.

30-year Treasury Dec Contract (US, ETF: (TLT))
Monday’s failed test of 153-10 had been reversed to almost fill the gap back down to Friday’s close. Overnight weakness extended lower Tuesday morning to briefly probe almost a half-point under last week’s 152-20 low. Wedneday’s FOMC statement isn’t being greeted from the position of strength that would have formed by recovering Monday morning’s high, but a negative reaction is even less assured.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Probing higher overnight and gapping up Tuesday was just short of prior highs around 59.00. That pessimism wasn’t constructive, as it price immediately began reversing down for the day to close negative. That keeps alive the potential for completing the pullback under 56.80 to 55.50. But closing back above 57.40 would be entirely credible for resuming the rally.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Monday’s gap up was too shallow and premature to form a bottom. That didn’t necessitate Tuesday’s late-morning plunge to fresh lows, which further delays any sort of bottoming pattern, let alone recovery.

Posted in Bigger Picture, Daily Spot, members-only