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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | January 19, 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))
Thursday’s narrow ranging at the highs persisted through Friday, hovering above the 1.2210 sell signal.

Gold Feb Contract (GC, ETF: (GLD))
Rallying back to 1336.00 Friday rejected Thursday’s sharp slide from Thursday’s rally to 1340.50, keeping alive the attempt to launch a new upleg.

Silver Mar Contract (SI, ETF: (SLV))
Friday’s gap up to test 17.05 was modest, and didn’t quite reject Thursday’s test of the 16.95 sell signal, which would be better signaled back above 17.11 and 17.15.

30-year Treasury Mar Contract (US, ETF: (TLT))
Extending lower overnight gapped down to fresh lows testing 148-20. Fulfilling the required eventual third lower close probably won’t end the decline, which remains intact so long as bounces now hold tests of 149-10.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The symmetrical triangle that formed off the rally’s 64.75 target had persisted Thursday through its apex, requiring any break to be immediate. Dipping overnight spent Friday testing the 63.15 pullback limit, still not decisively breaking it which would otherwise target 61.65. Closing back above 64.25 would still be credible for launching another upleg to test 66.00.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Holding a test of the 3.10 pullback limit Thursday had made a retest of the rally’s 3.29 high target likely. Resistance at 3.25 contained Friday’s firming.

Posted in Bigger Picture, Daily Spot, members-only