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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | December 28, 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))
Wednesday’s break above the 1.1965 buy signal extended higher to 1.2015. The next higher target at 1.2060-1.2075 remains in-play.

Gold Feb Contract (GC, ETF: (GLD))
Exceeding the 1293.50 target Wednesday had put into play the next higher objective at 1298.00, which was attacked by Thursday’s intraday rally to within 70 cents. An immediate reaction down from four consecutive uptrending sessions would be likely to recover.

Silver Mar Contract (SI, ETF: (SLV))
Trending up relentlessly for a fourth consecutive session on Thursday nearly fulfilled the 16.90 target that was put into play by having exceeded the 16.85 target Wednesday.

30-year Treasury Mar Contract (US, ETF: (TLT))
Wednesday’s surge to 153-04 didn’t extend higher Thursday. But its reaction down was relatively shallow, and ultimately ranged around 152-22 instead of breaking lower under it. A fresh high Friday would still be bullish.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday already failed to confirm Tuesday’s explosion higher, and now Thursday has ranged even more narrowly than did Wednesday. But neither rejected Tuesday’s surge, maintaining the upside momentum next targeting 61.10.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Thursday’s open had already gapped up above the 2.72 buy signal to 2.86. Extending higher in reaction to the EIA report tested 2.94. A second consecutive higher close Friday — preferably above 2.98 — would confirm a new upleg is underway.

Posted in Bigger Picture, Daily Spot, members-only