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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | January 25, 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))
More USD crashing and ECB’s policy statement took currencies to higher, as the Euro probed its 1.2465 resistance and trended higher Thursday to test 1.2575. It was consolidated, and afternoon comments triggered a USD surge that took the Euro back down to 1.2465. Closing back under 1.2435 would reverse the trend back down .

Gold Feb Contract (GC, ETF: (GLD))
Probing higher after Wednesday’s close came within $4 of testing the rally’s next higher objective at 1369.50. Weakness into Thursday’s open was recovered to  attack the morning’s high. A pullback could test 1345.00 without yet reversing the trend down.

Silver Mar Contract (SI, ETF: (SLV))
Wednesday’s rally extended higher after the close to within 1-2 cents of the 17.72 target. Overnight action didn’t probe any higher, and Thursday’s open was greeted in a pullback to 17.45. Its reaction recovered to attack the opening highs. Closing under Thursday’s low would reverse the trend down.

30-year Treasury Mar Contract (US, ETF: (TLT))
Another overnight probe of fresh lows was recovered into Thursday’s open for a morning bounce. The 149-03 bounce limit was attacked again. None of which changes the likelihood for continuing to probe lower, especially so long as the bounce limit holds.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh highs after Wednesday’s close extended higher overnight to satisfy the minimum 66.05 resistance on the way to the eventual 67.20 target. Gapping up to 66.60 was retraced to fill the gap back down to Wednesday’s ~65.60 close. Probing higher intraday Thursday would confirm the uptrend remains in-play.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Thursday’s strength didn’t exceed Tuesday night’s highs, or Wednesday’s intraday highs, having become likelier to produce a deeper corrective down before extending the rally.

Posted in Bigger Picture, Daily Spot, members-only