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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | October 15, 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 break lower was retraced Sunday night, for Monday to test last week’s highs as resistance. The gap back down to Friday’s close doesn’t require being filled, but it’s likely so long as intraday probes above last week’s highs hold as resistance. And filling the gap below is likely to resume the trend’s reversal down.

Gold Dec Contract (GC, ETF: (GLD))
Not confirming Thursday’s surge didn’t prevent extending it anyway, which Sunday night did to touch the lower-end of the 1236.00-1241.00 target area. Its upper-end need not be touched before reversing down, although that’s likely.

Silver Dec Contract (SI, ETF: (SLV))
Sunday night’s rally retested the prior upleg’s 14.80 objective whose test had reacted down aggressively in the interim. Its resistance can be overlapped without actually breaking higher, but breaking higher would be credible for extending.

30-year Treasury Dec Contract (US, ETF: (TLT))
Still hovering Sunday night and Monday morning above the 138-04 sell signal that served to support Friday’s ranging at fresh bounce highs, with no further upside requirement or attraction, makes any immediate weakness Tuesday likely to extend down.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Sunday night’s rally in reaction to news of tighter supplies did not invalidate that Thursday’s sell signal was already confirmed by a second consecutive lower close. At least an eventual third lower close is required before a rally can be credible. In fact, Sunday night’s gap up was reversed back into negative territory Monday morning.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Gapping up Sunday night helped to confirm that Friday’s lower close was disqualified from confirming Thursday’s break under the 3.23 sell signal. And still bouncing Monday morning does make the filling gap back up to Wednesday’s 3.28 close likelier before resuming the decline.

Posted in Bigger Picture, Daily Spot, members-only