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 | December 11, 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))
Initially rallying overnight from Monday’s 1.1360 pullback only gapped up Tuesday before reversing down to fresh lows at 1.1310. This tests the current uptrend’s last relative low at 1.1315, and now allows a recovery above 1.1405 to signal the rally resuming.

Gold Feb Contract (GC, ETF: (GLD))
Retesting 1255.00 resistance before Tuesday’s open was already being rejected at the open, which failed a recovery attempt before reacting down under 1246.00 .

Silver Mar Contract (SI, ETF: (SLV))
Gapping up Tuesday to test 14.82 represents a breakout above the 14.65 buy signal, except that the balance of the morning reversed down and filled the gap back down to Monday’s 14.60 close. The 14.75 gap up is above prior highs and may attract price back up to retest if its rejection doesn’t extend down through Wednesday’s open.

30-year Treasury Jan Contract (US, ETF: (TLT))
An overnight dip held the 142-30 pullback limit to open Tuesday unchanged and then to firm back up toward Monday’s 144-00 highs. The uptrend remains intact, even if only by default.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up and firming slightly Tuesday wasn’t yet sufficient to resolve the ongoing basing, while the growing delay is making at least a blip-down to fresh lows. So, post-close API and Wednesday’s EIA reports are being greeted from a position of strength that may at most enable the recovery from fresh lows, but could still maintain the recovery of an initially favorable knee-jerk reaction up.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Still challenged at 4.63 resistance overnight, Tuesday morning dipped back down to test 4.44, which must hold Wednesday, too, to greet Thursday’s EIA report from a position of strength.

Posted in Bigger Picture, Daily Spot, members-only