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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | January 24, 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))
Breaking out Tuesday from a 4-day range was well-rewarded overnight by gapping up sharply Wednesday above prior highs. The next objective’s resistance is 1.2465 where a correction down to 1.2325 would become likely.

Gold Feb Contract (GC, ETF: (GLD))
Outperforming other metals on Tuesday had maintained the rally. Gapping up $15 to new highs at 1352.00 extended almost $6 higher intraday, next targeting 1368.50 so long as pullbacks now hold 1345.50 as support.

Silver Mar Contract (SI, ETF: (SLV))
Tuesday’s false break under 16.95 was retraced but not rejected. That was done by recovering 16.11 overnight. Extending to gap up above 17.30 was extended to test 17.50 through the noon hour, next targeting 17.72 so long as 17.35 now holds as support.

30-year Treasury Mar Contract (US, ETF: (TLT))
Holding the 149-10 bounce limit after Tuesday’s bounce kept alive the downtrend, still likely to probe fresh lows. Trending down overnight gapped down to fresh lows Wednesday, still likely to probe lower.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up and extending higher Wednesday fulfilled the minimum upside potential above the 64.20 buy signal to 65.35. Extending higher would next target 67.15, which remains in-play so long as 64.20 now holds as support.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Surging sharply to fresh highs after Tuesday’s close touched 3.62. Hovering there overnight only tested it, and Wednesday morning dipped back down to 3.46. That was still positive territory, a second consecutive higher close confirming Tuesday’s breakout, and now requiring at least one more eventual higher close — regardless of an interim pullback.

Posted in Bigger Picture, Daily Spot, members-only