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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | January 3, 2019 - 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))
An overnight dip to 1.1380 support was recovered overnight and extended higher Thursday to test Wednesday’s 1.1475 opening high. All attractions below are neutralized, so trending back down again anyway would be bearish.

Gold Feb Contract (GC, ETF: (GLD))
Wednesday’s post-close dip from 1284.00 to 1280.50 was recovered overnight to trend up Thursday morning to fresh highs testing 1295.00, keeping alive momentum to the 1319.50 target.

Silver Mar Contract (SI, ETF: (SLV))
Still extending higher beyond Tuesday’s minimum required third higher close tested 15.80 Thursday, avoiding a sell signal on the same day as printing a new high.

30-year Treasury Mar Contract (US, ETF: (TLT))
Tuesday’s confirmed breakout extended higher overnight and then sharply higher intraday Thursday to 148-14, up +1-3/4 point on the day and easily fulfilling the minimum requirement for at least an eventual third higher close. Friday morning’s Employment Situation report is being greeted from a position of strength, which doesn’t preclude a knee-jerk reaction down, but makes it likely to recover.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Still hovering around the 47.00 buy signal Thursday isn’t any more credible for breaking higher prior to a corrective dip first testing the 43.35-44.15 pullback limit. EIA is delayed until Friday this week for the holiday, and it is not being greeted from either a position of weakness or strength.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Thursday’s fresh low down to 2.88 was still testing prior intraday lows to avoid greeting Friday’s delayed EIA report from a position strength. But closing above 3.15 would help to seal a bottom, or at least to start forming a bottom that launches another upleg.

Posted in Bigger Picture, Daily Spot, members-only