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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | January 17, 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))
Having fulfilled a third higher close requirement Tuesday, an overnight dip gapped down into Wednesday’s open. The entire dip was recovered to fill the gap back up to Tuesday’s 1.2326 high. The trend doesn’t reverse down until breaking under 1.2210.

Gold Feb Contract (GC, ETF: (GLD))
Retesting Friday’s 1344.50 post-close high overnight held again as resistance, reacting down into Wednesday’s open and extending down momentarily to 1331.00. Rallying sharply into the afternoon tested 1341.00, leaving the rally’s momentum intact.

Silver Mar Contract (SI, ETF: (SLV))
Overnight firming was retraced into Wednesday’s open, and slightly lower to test 17.05. Closing back above 17.30 would signal again another probe underway to higher highs.

30-year Treasury Mar Contract (US, ETF: (TLT))
Still holding above 150-16 at Wednesday’s close kept alive the likelihood for a bigger corrective bounce up to 151-26 — although resistance has appeared at 151-16 which could be difficult to recover before resuming the decline.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Still ranging flat-to-lower, but not trending down or breaking under the 63.15 pullback limit, doesn’t reject the rally’s momentum. So, despite already fulfilling its 64.75 target, closing above 64.25 could resume the rally to higher highs.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report is being greeted from a position of strength for probing fresh recovery highs. Peaking Wednesday at the 3.29 target does open the door to a corrective dip, but a dip should be only corrective if triggered as a reaction to news.

Posted in Bigger Picture, Daily Spot, members-only