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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | December 10, 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))
Thursday’s confirmed breakout had extended to only slightly higher fresh highs Sunday night at 1.1450. But Monday’s reversal dipped back down to the 1.1370 buy signal. Immediate strength Tuesday would be credible for resuming the rally at an accelerated pace to compensate for the detour.

Gold Feb Contract (GC, ETF: (GLD))
Friday’s fresh high close wasn’t confirmed by a second consecutive higher close on Monday, which instead fluctuated narrowly in negative territory. The “ineffectual pessimism” would still be credible for extending higher, but much less so if Tuesday morning had not already resolved up.

Silver Mar Contract (SI, ETF: (SLV))
Still testing the 14.65 buy signal Monday requires that Tuesday extend higher with no further delay to avoid at least a deeper pullback, if not also reversing the trend back down.

30-year Treasury Jan Contract (US, ETF: (TLT))
Friday’s payrolls report was greeted from a position of strength, despite Thursday’s fresh high close having fulfilled the confirmed breakout’s minimum objective. Friday’s initial dip was recovered into positive territory, and extended Monday to probe Thursday’s high by nearly a quarter-point attacking 144-00. The rally’s momentum remains intact so long as pullbacks now hold 143-30 as support.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The bottoming pattern had tried again to prematurely resolve by gapping up Friday. Monday’s opening dip corrected the excessive optimism, while also testing the 52.15 buy signal whose recovery through the close maintains the bottoming pattern. The pattern’s timing won’t tolerate much further delay in launching a rally.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Friday’s recovery back above 4.44 extended Monday to test 4.63, which would confirm the consolidation had resolved to launch a new rally leg targeting above 5.00.

Posted in Bigger Picture, Daily Spot, members-only