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 12, 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))
Having rallied to resistance at 1.1645 Thursday, Friday needed to trend back down to avoid extending the rally. And having trended back down Friday, Monday is likely at some point to probe fresh lows. Which at this stage of the pattern can accelerate and extend.

Gold Dec Contract (GC, ETF: (GLD))
Thursday’s outsized gap up and intraday rally wasn’t rejected Friday, but neither was it confirmed as the session backed-and-filled. Having delayed the extension higher, Monday has no bullish excuse to further delay it. Its 1235.00-1241.00 corrective bounce target could be met Monday or Tuesday.

Silver Dec Contract (SI, ETF: (SLV))
Friday’s gap up to attack 14.75 still reacted down to fluctuate around unchanged at 14.60. Thursday’s reversal wasn’t confirmed with a second consecutive higher close. But neither was the reversal rejected, and any early strength coming out of the weekend would be credible for extending to fresh highs intraday.

30-year Treasury Dec Contract (US, ETF: (TLT))
Thursday’s probe above 138-04 to whatever degree — ultimately to  138-29 — was still likely to reverse back down. Gapping down to the 138-04 sell signal Friday didn’t break lower and eventually firmed to fill the gap back up to Thursday’s close.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Firming $1 overnight after confirming Wednesday’s 73.90 sell signal down to 70.90 doesn’t relieve or at all alleviate the requirement for at least an eventual third lower close. Which Friday tried to produce, reversing its gap up to probe slightly under Thursday’s low.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Thursday’s break under the 3.25 sell signal was more productive intraday than at the close, which nevertheless triggered the signal. A second consecutive lower close on Friday confirms momentum reversing down. Helping its credibility is the overnight bounce that nearly filled the gap back up to Wednesday’s 3.29 close. But the gap can still be tested more thoroughly until actually break under 3.15.

Posted in Bigger Picture, Daily Spot, members-only