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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | December 17, 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 Mar Contract (EC, ETF: (FXE, UUP))
Friday’s gap down within the prior low’s range allows a rally to begin without delay. Sunday night’s rally into “higher prior lows” would be credible for extending into a recovery if followed by a second consecutive higher close Tuesday — especially above 1.1470.

Gold Feb Contract (GC, ETF: (GLD))
Friday’s dip down to 1237.00-1240.00 support had held through the close, enabling at least a corrective bounce up to last week’s 1254.50 high. Meanwhile, breaking back under 1240.00 would invalidate the bounce and signal a new downleg underway.

Silver Mar Contract (SI, ETF: (SLV))
Sunday night’s bounce attacked Friday’s break under uptrending support at 14.71. Monday probed above it, still facing resistance at the gap back up to Thursday’s 14.83 close.

30-year Treasury Mar Contract (US, ETF: (TLT))
Still fluctuating Monday between the 141-24/143-08 buy and sell signals gravitated higher to at least touch the buy signal Monday, still needing to trigger or else react down aggressively.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The ongoing range persisted coming out of the weekend, still likely to probe a fresh low momentarily for its rubber band effect to snap back up into a rally leg.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Greeting the weekend by breaking to fresh lows in this product tends to persist coming out of the weekend, which was done by gapping down even lower Sunday night. Trending down sharply intraday to 3.54 offers an opportunity to form a bottoming pattern, still having intraday risk down to 3.33.

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Posted in Bigger Picture, Daily Spot, members-only