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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | February 1, 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))
Two days of early strength held tests of Friday’s high as resistance. Closing back under Friday’s low or lower prevented gaining traction. None of which prevented Thursday’s open from gapping up even higher and trending up through the morning. Trending back down through Friday morning would be credible for having ended a corrective rally. Otherwise, fresh highs are in-play.

Gold Apr Contract (GC, ETF: (GLD))
Wednesday’s FOMC reaction continued the intraday recovery from probing fresh lows. But Thursday did not extend the reversal, which would still be credible if resumed into the weekend.

Silver Mar Contract (SI, ETF: (SLV))
Gapping down Thursday held another test of 17.11 support to avoid launching a new downleg. Back above 17.30 would be credible for at least retesting last week’s high, but there is otherwise no further requirement.

30-year Treasury Mar Contract (US, ETF: (TLT))
Another inappropriate bounce Wednesday had already been retraced to its origin, but the retracement avoided fulfilling a required new low close. Thursday’s fresh lows did fulfill the decline’s minimum objective, but now Friday’s Employment Situation report is being greeted from a position of weakness.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Bouncing overnight greeted Thursday’s open testing 65.35 resistance whose recovery would launch the next upleg targeting 64.20. But the session only ranged around it, not establishing that momentum has reversed up.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Having fulfilled all upside requirements, at least a pullback became possible. Thursday overcompensated by gapping down through the 3.10 pullback limit and collapsing under 3:05. The recent rally was retraced back down to three-week old lows testing 2.85.

Posted in Bigger Picture, Daily Spot, members-only