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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | October 4, 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 a fresh low on Thursday at 1.1560 was well above the 1.1526 overnight low. Its recovery probed positive territory up to 1.1606 before dipping back into negative territory. Back above 1.1595 would now trigger at least a corrective rally up to 1.1740. The trend otherwise remains down.

Gold Dec Contract (GC, ETF: (GLD))
Closing at or under 1203.30 Wednesday was recovered Thursday morning to test the 1209.50 bounce limit. It was retraced entirely back down under 1203.30. Closing under the original 1201.50 sell signal should resume the decline targeting 1172.50.

Silver Dec Contract (SI, ETF: (SLV))
Dipping overnight under the 14.65 pullback limit was recovered Thursday morning to test the 14.80 gap fill. Its resistance resolved down to fresh lows at the original 14.56 gap fill, and under the 14.65 pullback limit. Closing any lower would resume the decline.

30-year Treasury Dec Contract (US, ETF: (TLT))
Extending lower overnight gapped down Thursday. The entire session ranged sideways in negative territory. Its second consecutive lower close confirmed Wednesday’s breakout from what had been a multi-session range, which now requires at least an eventual third lower close.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down to and through 76.00 Thursday extended sharply lower to touch the 73.90 sell signal. Just closing under the 75.45 pullback limit requires its immediate recovery Friday to resume the upside momentum.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Room for a pullback down to 3.11 was attacked by Thursday’s morning’s drop from 3.25 in reaction to EIA. It was greeted from a position of strength, so the pullback should be recovered at least to retest the high.

Posted in Bigger Picture, Daily Spot, members-only