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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | February 2, 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 session long rally had retested the prior Thursday’s opening gap. Two interim sessions of distribution were ignored. Those sessions were probed down to 1.2441 in reaction to Friday’s payrolls. Their 1.2490-1.2515 upper-end was probed into the afternoon. Sellers didn’t gain traction, but a fresh low would be credible for extending down.

Gold Apr Contract (GC, ETF: (GLD))
Thursday’s close above 1350.50 had put into play new highs, still needing the confirmation of a second consecutive higher close. But Friday’s gap down to their 1341.00 support probed lower to a “sleeper low” at 1330.50. Its bounce must extend higher coming out of the weekend to reverse momentum up.

Silver Mar Contract (SI, ETF: (SLV))
Reacting down from its 17.30 resistance Wednesday did once again hold it 17.11 support. But Friday’s gap down under 16.95 trended down to fresh lows under 16.65. A second consecutive lower close on Monday would confirm the trend has reversed down

30-year Treasury Mar Contract (US, ETF: (TLT))
The ongoing decline was its most obvious Thursday, and then probed lower overnight. Even the most optimistic session would be prevented from forming a durable bottom ahead of Friday’s Employment Situation report. Its reaction gapped down and trended lower intraday, which is not a bottoming pattern.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Not decisively triggering its 65.35 buy signal Thursday didn’t prevent extending higher overnight to fill the gap back up to 66.05. But trending down Friday morning to attack 64.45 was recovered back into positive territory, all ensuring the 67.15 target is in-play.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Friday was the second consecutive downday of reacting back down to a prior buy signal’s support. Its gap avoided being filled, which would have been the most bullish scenario. But recovering from an early fresh low on Monday could launch a recovery.

Posted in Bigger Picture, Daily Spot, members-only