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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | January 30, 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))
1.2475 resistance was probed into through Tuesday’s open and held a test of Friday’s high before reversing back down to unchanged. Just closing back under Friday’s range indicates the bounce was weak-handed, still needing confirmation of following through to the downside.

Gold Apr Contract (GC, ETF: (GLD))
[Rolling coverage forward to Apr, which trades at about a $5 premium to Feb]… Bouncing Tuesday tested the 1350.50 bounce limit which reacted down to probe under Monday’s low and to retest the 1340.00 area “lower prior highs” whose test on Monday had triggered the interim bounce. Sellers gained no traction for their effort.

Silver Mar Contract (SI, ETF: (SLV))
Gapping up Tuesday probed higher only briefly before its test of 17.30 resistance had pushed back down to retest Monday’s low. The gap back down to Monday’s close is filled, which doesn’t equate to being a buy signal, but would be constructive to another rally attempt succeeding.

30-year Treasury Mar Contract (US, ETF: (TLT))
Tuesday’s open didn’t gap down as Monday’s “ineffectually optimistic” pattern usually resolves, but the trend remained down as fresh lows were probed into the afternoon. Wednesday’s FOMC policy statement is being greeted from a position of weakness.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s bounce off of 64.95 support was recovered only back above last Thu-Fri low, but did not reverse momentum up. Dipping into Tuesday’s open extended down to test critical support at 64.20. Back above 64.95 would resume the rally.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Gapping up and ranging sideways throughout Tuesday still produced a higher close, which fulfills the minimum requirement for last week’s confirmed breakout. Meanwhile, the session may have formed an Island, a pattern that can reverse down but only temporarily.

Posted in Bigger Picture, Daily Spot, members-only