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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | January 3, 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))
Testing the 1.2125-1.2135 target area overnight Tuesday didn’t improve its gap up. Wednesday’s gap down didn’t extend either, but must hold 1.2060 to keep the target area’s retest likely.

Gold Feb Contract (GC, ETF: (GLD))
Extending higher overnight to 1323.00 was retraced enough to open Wednesday at Tuesday’s 1316.00 high, which served as support through the day’s narrow ranging. Pullbacks still have room down to 1308.85 before reversing momentum down .

Silver Mar Contract (SI, ETF: (SLV))
Probing higher overnight to 17.26 was retraced to open Wednesday flat. Trending up intraday pierced the overnight high by 2 cents, producing the 7th consecutive uptrending session — still unlikely to maintain any sudden reversal down without recovering to retest the upleg’s high.

30-year Treasury Mar Contract (US, ETF: (TLT))
Holding 151-16 and uptrending pivotal support Tuesday launched a bounce into Wednesday’s open up to 152-12. An intraday dip filled the gap back down to Tuesday’s close and held it, so that closing any higher Thursday could confirm a recovery underway — especially if also recovering 152-22.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Finally resuming the rally overnight, Wednesday’s gap up extended higher to almost immediately fulfill the 61.10 target, which was exceeded intraday. Closing above 61.10 has potential to also test 61.15-61.65. Thursday’s EIA report is being greeted from a position of strength. A pullback has room down to 60.55 before reversing momentum down.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Six consecutive gaps up, and three being above prior highs, broke their trend by ranging flat-to-lower Wednesday. Thursday’s EIA report is being greeted from a position of strength. Closing back above Tuesday’s 3.07 high Thursday would confirm the 3.17 target remains intact.

Posted in Bigger Picture, Daily Spot, members-only