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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | January 18, 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))
Wednesday’s gap down had been recovered to fill the gap back up to Tuesday’s close, which held, robbing the recovery of its momentum. Thursday only ranged narrowly, with no objectives or attractions outstanding.

Gold Feb Contract (GC, ETF: (GLD))
Thursday’s dip extended the overnight reversal from fresh intraday highs above 1340.00, and tested the range’s lower-end down to 1324.50. While the pattern is not likely to be a durable top, another break lower Friday would be credible for a multi-session detour.

Silver Mar Contract (SI, ETF: (SLV))
Thursday morning dipped deeper from Wednesday’s intraday rally that had reacted down post-close. The range’s 16.95 sell signal was tested, and must hold to keep alive the likely retest of recent higher, if not also the potential for a new upleg.

30-year Treasury Mar Contract (US, ETF: (TLT))
Closing under 150-16 Wednesday undermined the potential for extending the corrective bounce to 151-26 before resolving down. Trending down overnight to 149-10 gapped down Thursday and immediately filled the gap back to the week-old opening gap that had required being filled. A fresh low close remains required, too.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s narrow ranging held above the 63.15 pullback limit and the 64.25 buy signal, forming a Symmetrical Triangle. The pattern suggests its first break will be false, before reversing more substantially in the opposite direction. So, breaking higher or lower — probably higher — will likely be only temporary.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Having fulfilled the pattern’s buying pressure Wednesday at its 3.29 target, room for a pullback was exploited by the knee-jerk reaction to Thursday’s EIA report. The 3.10 pullback limit ultimately held, but can’t tolerate much delay in extending higher.

Posted in Bigger Picture, Daily Spot, members-only