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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | October 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 Dec Contract (EC, ETF: (FXE, UUP))
Friday’s gap down to 1.1650 had bounced into the afternoon. Monday morning slid back down to retest Friday’s gap down. Closing under it would fulfill the minimum requirement for at least an eventual third lower close that was put into play by Thursday’s confirmed breakout.

Gold Dec Contract (GC, ETF: (GLD))
Opening at or under the 1195.00 bounce limit Monday and not closing back above it keeps alive downside momentum targeting at least 1172.50.

Silver Dec Contract (SI, ETF: (SLV))
Already dipping Sunday night from Friday’s attack on 14.80, Monday’s open at the prior target of 14.55 slid through the morning to test last Wednesday’s 14.40 close. There is no currently active signal.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping down Monday to the 140-10 sell signal and consolidating under it throughout the session could be confirmed by a second consecutive lower close on Tuesday. Otherwise, the likely alternative is to gap back up and resume the corrective bounce with potential to 141-16.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Trending up sharply Monday rallied through the 73.90-74.25 target to test 75.10. The next higher target in-play is 80.80, which would be confirmed by a second consecutive higher close on Tuesday, so long as pullbacks now hold 73.90 as support.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Friday’s dip to the 3.00 pullback limit was rejected by gapping back up to and through Thursday’s 3.06 close and trending up to Thursday’s 3.11 high. The trend remains up, but the pullback limit is now 3.02.

Posted in Bigger Picture, Daily Spot, members-only