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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | December 29, 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))
Gapping up Friday fulfilled the 1.2030-1.2075 target up to 1.2080. There is no requirement to trend any higher, but pullbacks meanwhile should holed 1.2015 as support.

Gold Feb Contract (GC, ETF: (GLD))
Extending the rally overnight tested the 1298.00 target and gapped up to 1300.00. Extending higher intraday attacked 1310.00 with the next higher objective being 1311.00-1312.50.

Silver Mar Contract (SI, ETF: (SLV))
Not extending higher overnight resumed the rally anyway at Friday’s open to test 17.15-17.20. That’s essentially the apex of the Oct-Nov triangle that had broken down to Dec’s 15.63 low. It is natural resistance, but the rally remains intact so long as pullbacks hold 17.05.

30-year Treasury Mar Contract (US, ETF: (TLT))
Dipping slightly overnight  to 152-10 still didn’t reject Wednesday’s surge, as neither did Thursday. The rally tried resuming Friday by attacking Thursday’s 153-04 high to within 1 tick.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Already having missed the opportunity to reject Tuesday’s surge, Friday extended to fresh highs attacking 60.50, with the next higher objective being 61.10.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Gapping up again Friday tested 3.00 before dipping back down to Thursday’s lower prior highs. The rally’s next higher objectives are 3.17 and 3.25-3.29.

Posted in Bigger Picture, Daily Spot, members-only