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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | September 27, 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))
Thursday’s gap down and intraday downtrending is a breakout from the five-day multi-session range that had developed between 1.1815-1.1855. The 1.1735 last relative low was touched, which a second consecutive confirming lower close Friday would also break. Not extending down Friday would undermine the topping pattern, and instead be more likely to back-and-fill back to last week’s highs.

Gold Dec Contract (GC, ETF: (GLD))
Wednesday’s close under the 1201.50 sell signal extended sharply lower Thursday morning to attack 1185.50, confirming the breakout. A 5-6 week old gap outstanding from 1184.50 could offer some obligatory support. But the drop is meanwhile targeting overnight lows to at least 1172.50.

Silver Dec Contract (SI, ETF: (SLV))
Thursday’s open gapped to and through 14.33, back down to the uptrending channel’s lower-end at 14.20. A second consecutive lower close on Friday would confirm a new downleg underway.

30-year Treasury Dec Contract (US, ETF: (TLT))
Wednesday’s FOMC statement was greeted at 140-04 and its reaction probed higher to 141-03. Thursday morning’s reaction to at least two high-profile econ reports erased the gain, and threatens to already end the corrective bounce and resume the decline.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up Thursday back into the range helps to confirm Wednesday’s dip didn’t reverse the trend down, and that the 73.90-74.25 upside objective remains intact.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
[Rolling coverage forward to Nov, which trades at a 2-cent discount from Oct]… Wednesday’s drop from the 3.06 high down to 2.96 didn’t prevent greeting Thursday’s EIA report from a position of strength. Its reaction did surge, probing fresh highs to 1-cent above the 3.10 objective. Pullbacks must hold 3.00 as support to maintain upside momentum.

Posted in Bigger Picture, Daily Spot, members-only