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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | December 13, 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))
Only recovering to the 1.1370 buy signal Wednesday still required extending above it Thursday. Reacting down still recovered back up to 1.1370 — after filling the gap back down to Tuesday’s close. A bullish pattern should rally into the weekend.

Gold Feb Contract (GC, ETF: (GLD))
Ranging narrowly sideways throughout Thursday wasn’t necessarily bullish, but it continued to avoid a negative reaction to the recent break higher that has yet to extend..

Silver Mar Contract (SI, ETF: (SLV))
Wednesday’s session qualified as a breakout, but the second consecutive confirming session didn’t develop. The rally can extend anyway, but too deep of an interim pullback could launch a new downleg.

30-year Treasury Jan Contract (US, ETF: (TLT))
The 142-30 pullback limit had held Tuesday, and its 142-16 room for noise had held Wednesday. Firming overnight was reversed Thursday to probe another fresh low, which was recovered back above prior lows. A completed pullback would not delay rallying into the weekend.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday night’s dip did hold up0n testing the range’s lower-end, but that doesn’t equate to being a bottom. Thursday’s intraday bounce stopped short of completing a bottom.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Already greeting Thrusday’s EIA report from a position of weakness, fresh lows were probed intraday Thursday. Rallying through the reaction must still recover 4.44 (again) to suggest the pattern is resolving up.

Posted in Bigger Picture, Daily Spot, members-only