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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | December 26, 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))
Gapping down Wednesday was recovered at least to fill the gap back to Monday’s 1.1500 close, but reversing down slid to fresh lows, testing a last sleeper support under 1.1430.

Gold Feb Contract (GC, ETF: (GLD))
Gapping up Wednesday and extending to fresh highs above 1282.00 was retraced to test unchanged at 1272.50. Holding its test would keep alive upside momentum.

Silver Mar Contract (SI, ETF: (SLV))
Wednesday’s open compensated for the larger delay in extending higher by gapping up above all ~14.90 prior highs and trending up sharply to 15.25.

30-year Treasury Mar Contract (US, ETF: (TLT))
Fresh highs overnight retested Thursday’s 146-00 high before it became clear there was no near-term need for a flight-to-safety. A deeper retracement formed Wednesday morning after gapping down and sliding to 144-26. Closing any lower would suggest a top is forming.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
While no bottom can be durable at this stage of the patter, Wednesday’s gap up extended sharply higher through the morning to test Friday’s 42.65 higher prior lows. Regardless of the bounce, Thursday’s EIA report is not being greeted from a position of strength.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Overnight lows fulfilled the 3.33 target before bouncing Wednesday into positive territory testing 3.58. Thursday’s EIA report is not being greeted from a position of strength.

Posted in Bigger Picture, Daily Spot, members-only