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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | December 7, 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))
Still fluctuating narrowly around 1.1.400 into the weekend has avoided confirming the buy signal triggered above 1.1370, but maintains potential to rally out of the weekend.

Gold Feb Contract (GC, ETF: (GLD))
Fresh highs above 1253.00 could be launching a new rally leg, albeit less aggressively than would be optimal, and needing a second consecutive higher close to confirm.

Silver Mar Contract (SI, ETF: (SLV))
Bouncing out of the 12.45 test Friday retested the 12.65 buy signal up to prior highs, still needing at least one more higher close to confirm the signal, while still remaining vulnerable to resuming the decline.

30-year Treasury Jan Contract (US, ETF: (TLT))
Already having fulfilled its minimum objective of a third higher close on Thursday,  Friday’s payrolls was greeted from a position of strength. Which didn’t prevent reacting down or require a recovery, but may have limited the reaction down and still ensures a recovery.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Still forming a bottom, Thursday’s fresh low was absorbed but Friday’s gap up was again premature and excessive optimism to launch a reliable rally leg.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Testing the 4.31 pullback limit overnight was recovered intraday back above 4.44 to attack 4.63 whose recovery would confirm the next rally leg underway.

Posted in Bigger Picture, Daily Spot, members-only