Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the disable-gutenberg domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/jwl23/public_html/rd.johnlander.me/wp-includes/functions.php on line 6131
Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | October 2, 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))
Gapping down to fresh lows Tuesday morning positioned the pattern to fulfill the minimum requirement for at least an eventual third lower close, after Monday’s slightly lower low wasn’t decisive enough. Tuesday’s 1.1575 test as support is unreliable support, and its break could target 1.13950-1.1430.

Gold Dec Contract (GC, ETF: (GLD))
Still fluctuating at or around the 1195.00 bounce limit overnight didn’t prevent surging sharply Tuesday morning to test the 1209.50 buy signal. It’s still resistance until recovered, and closing back under 1203.30 would now signal the decline had resumed. Otherwise, closing higher would put into play 1225.50.

Silver Dec Contract (SI, ETF: (SLV))
Monday’s dip back down to uptrending support never reversed momentum down, especially since the test began by a rally stopping pessimistically short of its 14.80 objective, and then gapping down pessimistically. None of which required resuming the rally immediately, or at specific pace, but Tuesday did surge through 14.80 to 14.95 next targeting so long as 14.65 now holds as support.

30-year Treasury Dec Contract (US, ETF: (TLT))
Pre-open firming back up to the 140-10 sell signal extended higher intraday to 140-23, only to be knocked back down to 140-10. A lower close is the minimum requirement to resume the decline.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s surge through the rally’s 73.90-74.25 target area to 75.75 needed to hold 73.90 as support to maintain the rally’s momentum, and now preferably 74.25. The next higher objective in-play is 78.10.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Gapping up Monday to reject Friday’s dip to the 3.00 pullback held a retest of the original 3.10 target through the close. So, extending higher without delay would be required to avoid forming a top. Already firming pre-open Tuesday extended higher into the afternoon to attack 3.20.

Posted in Bigger Picture, Daily Spot, members-only