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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | February 9, 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))
Holding the lower-end of the month-old 1.2260-1.2300 range Thursday didn’t prevent probing under it Friday. Closing lower puts into play 1.2090, with the nearest buy signal being 1.2325.

Gold Apr Contract (GC, ETF: (GLD))
Narrow overnight ranging persisted through Friday, seemingly oblivious to volatility around it, but also continuing to hover above 1312.500 to avoid triggering lower targets.

Silver Mar Contract (SI, ETF: (SLV))
Gradual deterioration intraday Friday eventually tested the 16.15 target that had been attacked Thursday. Holding it throug through close introduces potential for a bottom to form.

30-year Treasury Mar Contract (US, ETF: (TLT))
Already having fulfilled its minimum requirement for an eventual third lower close, overnight firming could have extended higher intraday. But Friday only ranged sideways choppily above Thursday’s low.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Still not even trying to hold the 61.50 target that was met Wednesday, the next lower target at 59.80 was met Friday morning and probed down to 58.10. The next lower target at 57.20 is in-play. so long as 59.80 isn’t recovered.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Ongoing narrow ranging at the pullbacks lows had avoided a recovery for too long, all but ensuring extending lower. Friday’s dip greets the weekend and fresh relative lows, which this market usually probes on Monday regardless of the resolution.

Posted in Bigger Picture, Daily Spot, members-only