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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | January 2, 2018 - 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))
Extending the rally overnight probed the 1.2125-1.2135 target area. A reversal down would be triggered by closing back under 1.2060.

Gold Feb Contract (GC, ETF: (GLD))
The next higher target at 1311.00-1312.50 was probed Monday night, and then supported Tuesday’s intraday consolidation after gapping up. A durable reversal isn’t likely, and a pullback isn’t required, as closing under 1308.85 would signal is underway and targeting 1297.00 and 1287.00 or lower.

Silver Mar Contract (SI, ETF: (SLV))
Eking higher Tuesday extended the rally to 17.23, still needing a break under 16.95 to signal the trend reversing down. No matter how likely the rally may have become to pullback, the multiple consecutive intraday trending sessions makes a durable reversal down unlikely.

30-year Treasury Mar Contract (US, ETF: (TLT))
Flat-to-lower Monday night extended down sharply through Tuesday morning, testing the 151-16 buy signal that recovering up to last Tuesday close proved enough to surge Wednesday. Also tested was uptrending pivotal support, which can’t tolerate its next test probing without extending to new lows under 150-14.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Narrow ranging overnight and Tuesday morning didn’t reject the recent rally, keeping alive the 61.10 target.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Tuesday’s open gapped up above Friday’s 3.01 high similar to Friday’s gap up above Thursday’s 2.94 high. Also similarly, a post-open dip back into the prior day’s range held through the close. The 3.17 target remains in-play.

Posted in Bigger Picture, Daily Spot, members-only