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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | December 26, 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))
Not yet breaking under 1.1930 last week already had made a break above 1.1965 only a formality, which Tuesday morning’s rally attempted, even after an early dip that briefly pierced 1.1930 as support.

Gold Feb Contract (GC, ETF: (GLD))
Extending higher overnight touched the rally’s 1283.50 target, before extending higher Tuesday to test 1288.00. Holding 1283.50 would allow the rally to extend to 1298.00 But the 1277.50-1280.50 resistance was only mildly influential, and resulted in gapping up Tuesday, which suggests that a pullback is likelier than extending higher. Regardless, a deeper pullback could test the 1270.00 area before reversing the trend down.

Silver Mar Contract (SI, ETF: (SLV))
The weekend’s exit probed above Friday’s high, but only to range around them, until extending higher Tuesday morning to attack the 16.65 target to within a nickel. Tuesday’s gap up does create an anchor to help any reaction down to recover instead of ending the rally.

30-year Treasury Mar Contract (US, ETF: (TLT))
Tuesday’s open probed 151-16 through the morning, and the afternoon dipped back down to 151-16 as support. Closing above it would next target 152-22. Closing back under 151-16 need not resume the decline, no matter how much more vulnerable the pattern becomes.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Touching 58.65 resistance overnight had reacted down ahead of Tuesday’s open, and then almost literally exploded higher to 59.90 as the pattern was projecting. The rally can extend to 61.10 so long as pullbacks now hold 58.50 as support.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Gapping up Monday night to 2.71 and probing higher was still attracted lower by the gap back down to Friday’s 2.66 close. Tuesday’s post-open dip filled the gap, so that closing back above 2.71 would launch a recovery rally .

Posted in Bigger Picture, Daily Spot, members-only