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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | December 20, 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))
Wednesday’s surge had retraced to settle at a test of 1.1470, keeping alive the recovery’s momentum. Surging to a fresh high overnight was retraced again Thursday morning, but left outstanding its opening gap above all prior highs wanting to be retested. And it was retested going into the close, still suggesting momentum remains intact.

Gold Feb Contract (GC, ETF: (GLD))
Wednesday’s post-close FOMC reaction had tested the newly adjusted sell signal, but recovered overnight to probe fresh highs Thursday morning up to 1266.00. Its correction recovered fresh highs attacking 1270.00. The trend remains up so long as 1247.80 now holds as support, next targeting 1284.00 and potentially 1319.50. Triggering the sell signal would likely unfold quickly to the downside.

Silver Mar Contract (SI, ETF: (SLV))
Reacting down to Wednesday’s post-close FOMC had retraced the intraday recovery from 14.71. Its overnight recovery retested the previously outstanding gap back up to 14.83 and its prior tests’ 14.90 highs. Closing back under 14.71 would reverse the trend back down.

30-year Treasury Mar Contract (US, ETF: (TLT))
The confirmed breakout extended higher overnight without delay, probing the rally’s highest levels at 146-00 before dipping back to unchanged around 144-30. A pullback has room down to 144-28 before threatening the uptrend’s momentum, under down to 144-12 before reversing the trend down. Meanwhile, at least an eventual third higher close is required before a trend reversal would be credible.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s gap down under 47.00 probed fresh trend low under 45.70, closing under the 46.45 prior low and resume the decline’s momentum. The nearest buy signal remains above 48.70.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Firming Thursday back up to 4.83 created potential for blip-up to 4.01-4.11 that stretches the rubber band before snapping back down to fresh lows potentially targeting 3.33. But the session resolved back down toward Wednesday’s lows, still vulnerable to extending down.

Posted in Bigger Picture, Daily Spot, members-only