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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | December 18, 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 Mar Contract (EC, ETF: (FXE, UUP))
Monday’s gap up and the morning’s follow-through retraced 61.8% of the week-ending reaction down from having retested the 1.1930 sell signal as resistance last Wednesday (basis Mar). The bearish scenario requires no further corrective bounce, and would have difficulty absorbing it. So, not already reversing back down Tuesday could default to a more bullish scenario.

Gold Feb Contract (GC, ETF: (GLD))
Probing fresh recovery highs Sunday night all but confirms an objective is in-play at 1283.50, with some relevant resistance at 1277.50-1280.50. Closing back under 1255.00 would at least require a new buy signal to trigger.

Silver Mar Contract (SI, ETF: (SLV))
Friday’s close was still overlapping 16.05, so probing higher overnight only increases the requirement for a fresh close to confirm the recovery underway is next targeting 16.65. Closing back under 15.90 would all but invalidate the upside momentum.

30-year Treasury Dec Contract (US, ETF: (TLT))
The week was greeted with essentially a confirmed breakout yet to be fulfilled by at least a third eventual higher close. Sunday night’s pullback persisted through Monday morning, especially as any value to its “flight-to-safety” feature wasn’t needed.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Probing higher Sunday night tested the 57.40 bounce limit, but reversing down into Monday’s open and through the morning attacked the 56.80 sell signal already in-play from having been broken last week.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Gapping up Sunday night to probe back above last Wed-Thu’s lows does help to confirm their indication that the decline’s momentum was already waning. The gap back down to Friday’s 2.61 close should still be filled before a durable rally can begin, preferably filled from a close above 2.71 which would be a position of strength.

Posted in Bigger Picture, Daily Spot, members-only