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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | September 24, 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 Dec Contract (EC, ETF: (FXE, UUP))
opened Monday within the Tu-Fri multi-session range, then surged to fresh highs above 1.1890 to attempt a breakout. But the afternoon was greeted back within the range, and back under 1.1785 would start to seal a top.

Gold Dec Contract (GC, ETF: (GLD))
Friday’s reversal of fortune that went out testing the 1201.50 sell signal was reversed again Monday to attack the 1209.50 buy signal. But the range persisted.

Silver Dec Contract (SI, ETF: (SLV))
Closing at or above the 14.33 buy signal Friday persisted through Monday, still fluctuating around 14.33 without either extending or reversing back down.

30-year Treasury Dec Contract (US, ETF: (TLT))
Closing above 140-04 had signaled the decline’s momentum was lapsing, with corrective bounce potential to 141-16, but Monday only ranged back down to and around 140-04.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Sunday night’s gap up on production news extended to fresh highs at 72.40. That was probed Monday morning up to 72.75, with the next higher objective being 73.90-74.20.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
The two-day multi-session Thu-Fri range broke higher Monday morning to fresh highs for the recovery up to 3.04. Being a breakout, a second consecutive higher close on Tuesday would entrench the rally by requiring at least an eventual third higher close.

Posted in Bigger Picture, Daily Spot, members-only