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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | March 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))
Wednesday’s second consecutive close under Tuesday’s breakout — which had returned already to prior lows for no bullish reason — drifted lower overnight ahead of Fed chair Powell’s second day of congressional testimony Thursday. Gapping down was recovered to at least fluctuate choppily, not yet fulfilling the confirmed breakout’s required eventual third lower close.

Gold Apr Contract (jUN , ETF: (GLD))
Probing lower overnight ahead of Powell’s testimony gapped down Thursday to and through the 1315.00 prior low whose overnight test had previously satisfied selling pressure. Its current break now targets 1291.50, so long as bounces hold 1312.50.

Silver May Contract (SI, ETF: (SLV))
Fresh lows into Thursday’s open fulfilled the minimum objective for this leg, filling the gap back down to the low’s 16.25 close. Probing it by nearly a dime reacted up, filling the gap back to Wednesday’s 16.40 close. The gap held, both neutralizing its attraction and maintaining the drop’s momentum.

30-year Treasury Jun Contract (US, ETF: (TLT))
Rallying overnight to fresh recovery highs gapped up Thursday’s to test 144-04. Dipping back under the 143-12 bounce limit by only 6 ticks was recovered entirely to retest the gap up. Closing under 143-12 would signal momentum reversing down, confirmed under 143-24.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Reversing down hasn’t hesitated since fulfilling confirmed buy signal’s minimum upside objective. Failing its pullback limit, then triggering its sell signal, has extended down Thursday, to 60.20 support. The decline remains intact so long as bounces now hold 61.35 as resistance.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report wasn’t greeted from either a position of strength or of weakness. Thursday’s muted reaction bounced almost a nickel to test recent highs. But a bottoming pattern does still need a fresh low and its recovery for a rally attempt to be credible.

Posted in Bigger Picture, Daily Spot, members-only