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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | February 14, 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))
Wednesday’s knee-jerk reaction down to CPI filled the gap back to Monday’s close down to 1.2300 and reversed up to retrace the reaction. The reversal extended sharply to 1.2465 resistance, needing to close above 1.2435 to maintain the rally’s momentum.

Gold Apr Contract (GC, ETF: (GLD))
Confirming Monday’s breakout on Tuesday didn’t prevent Wednesday’s knee-jerk reaction down to CPI, even after having probed fresh highs overnight above 1339.00. But the dip to 1319.00 was recovered entirely and well into positive territory attacking 1359.00. Holding 1350.50 as support keeps the rally alive, next targeting 1366.00. Back under 1341.00 would reverse momentum back down.

Silver Mar Contract (SI, ETF: (SLV))
Lagging to the upside on Tuesday limited Wednesday’s CPI reaction to Monday’s post-open low. But its recovery participated in probing fresh highs, attacking the minimum 16.95 objective to within a nickel. Holding 16.80 keeps alive momentum to 17.11 and 17.40.

30-year Treasury Mar Contract (US, ETF: (TLT))
Fluctuating around and above 144-12 for a couple of days created a position of strength for the expected retest of Sunday night’s 143-04 low to hold. Wednesday’s CPI reaction probed it down to 149-09, which doesn’t equate to being a buy signal, but now recovering 144-12 would seal a bottom.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s retest of Friday’s 58.10 low was itself retested at Wednesday’s open. But it didn’t break lower, and only bounced back to 59.80, then higher. It is not a bottoming pattern, but a corrective bounce does have room up to 60.75 before suggesting the downside momentum is lapsing.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Wednesday’s opening weakness filled the gap back down to Monday’s close and held. Thursday’s rally isn’t being greeted from the position of weakness of having “unfinished business below,” but already reversing up would have been bullish.

Posted in Bigger Picture, Daily Spot, members-only