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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | October 25, 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 up Thursday from Wednesday’s fresh lows was reversed back under Wednesday’s lows and dip deeper into the 1.1395-1.1430 target area.

Gold Dec Contract (GC, ETF: (GLD))
Bouncing back up to 1241.00 resistance overnight was retraced to gap up Thursday only within Wednesday’s 1229.50-1236.00 range. Remaining within Wednesday’s range now allows breaking under 1228.00 to signal momentum reversing down.

Silver Dec Contract (SI, ETF: (SLV))
14.80 was tested again overnight, and only touched, before gapping up Thursday within Wednesday’s range. The balance of the morning trended back down under Wednesday’s lows to attack 14.60, whose break would signal momentum reversing down.

30-year Treasury Dec Contract (US, ETF: (TLT))
Correlation to recent stock market gyrations have established the upside potential depends upon being a destination during flights-to-safety, which wasn’t needed Thursday morning, so price only fluctuated narrowly around the 138-18 buy signal.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Recovering from Wednesday’s reaction back down under 67.25 didn’t was recovered by Thursday’s open, but only to fluctuate narrowly around 67.25 intraday. Its test up to 67.72 Wednesday would now trigger the buy signal.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Thursday’s choppy inside day gapped up before retracing back to Wednesday’s close. The open’s high was briefly probed, but also reacted down. Fresh lows for the pattern remain likely.

Posted in Bigger Picture, Daily Spot, members-only