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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | January 10, 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))
Tuesday’s confirmation of Monday’s breakout made Wednesday’s gap up premature for resuming the rally, as at least one more lower close under 1.1960 is now required.

Gold Feb Contract (GC, ETF: (GLD))
Rallying sharply to test 1328.50 on the China / Treasuries news was isolated as Wednesday’s regular open had retraced already back under Friday’s 1324.00 prior highs. A fresh high close would still be credible for extending, but now another test of 1308.85 would be much likelier to reverse down.

Silver Mar Contract (SI, ETF: (SLV))
Wednesday’s gap up immediately reversed down to test unchanged as the China /Treasuries news wore off. Closing back above 17.20 would still be credible for extending higher, but closing under 16.95 would be that much likelier to reverse the trend down.

30-year Treasury Mar Contract (US, ETF: (TLT))
Tuesdays’ sharp break under 151-16 to new lows was extended down sharply overnight on the China /Treasuries news. Despite rallying out of the 149-03 open, just closing negative has confirmed Tuesday’s breakout and now requires an eventual third lower close. Meanwhile, the gap down under all prior lows also wants to be filled before a recovery would be credible.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping to new recovery highs Wednesday was resisted by 63.52 as the session hovered narrowly. Pullbacks now have room down to 62.15 to maintain the 64.25-64.75 target.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Probing higher overnight to attack 3.00 didn’t prevent Wednesday’s flat open or further retracing back down to the 2.86 buy signal. Thursday’s EIA report is being greeted from a position of strength for the breakout, with restrained optimism for having corrected back to support. A second consecutive higher confirming close would have been stronger, but a favorable reaction or recovery from an unfavorable reaction is likely.

Posted in Bigger Picture, Daily Spot, members-only