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 | November 1, 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))
Wednesday’s second consecutive confirming close under Tuesday’s breakout requires an eventual third lower close before a durable bottom can form. That unfinished business below didn’t prevent Thursday’s gap up back to the upper-end of the original 1.1430 target. Extending to 1.1463 intraday filled Monday and Friday’s gaps, so any initial weakness Friday would be likely to extend down into and out of the weekend.

Gold Dec Contract (GC, ETF: (GLD))
Wednesday’s second consecutive confirming close under Tuesday’s break under the 1228.00 sell signal didn’t prevent Thursday’s gap up to and through 1228.00. Extending higher intraday tested 1239.00, with room to also test 1241.00 before suggesting more than a temporary detour before eventually fulfilling the minimum required third lower close.

Silver Dec Contract (SI, ETF: (SLV))
Wednesday’s gap down had held 14.28 support whose break would have confirmed lower lows remain in-play. That vulnerability was exploited overnight and Thursday’s gap up to and through 14.40 extending sharply higher intraday to test 14.80. Closing back under 14.70 would now resume the decline.

30-year Treasury Dec Contract (US, ETF: (TLT))
Still no catalyst for a flight-to-safety, Thursday morning wasn’t inhibited from probing under 138-04. But only temporarily as the balance of the session recovered to close back above 138-04 in positive territory– again, despite no catalyst, suggesting that the lower-end of a range is set.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s confirmation of Tuesday’s breakout under 66.21 wasted no time fulfilling its minimum requirement for at least a third lower close on Thursday. Fresh lows at 63.11 could extend lower so long as bounces now hold 65.25 as resistance.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Closing just above the 3.25 buy signal Wednesday extended higher overnight to 3.32. But Thursday ‘s open was greeted unchanged while dipping back down to 3.21. The close recovered to unchanged, still in position to extend the recovery.

Posted in Bigger Picture, Daily Spot, members-only