Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the disable-gutenberg domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/jwl23/public_html/rd.johnlander.me/wp-includes/functions.php on line 6131
Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | January 4, 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))
Reacting down Friday morning to 1.1410 retraced Thursday’s recovery, which was itself recovered Friday back up to 1.1485 where any higher close should confirm a new rally leg underway.

Gold Feb Contract (GC, ETF: (GLD))
Probing 1300.00 overnight was reversed down Friday in reaction to the Employment Situation report to 1278.00, but recovered back above 1284.00 to keep alive the rally. Nevertheless, 1284.00 must continue holding as support to avoid a deeper reversal.

Silver Mar Contract (SI, ETF: (SLV))
Fresh highs overnight up to 15.95 reversed back down Friday to 15.65 in reaction to the Employment Situation report. But Friday’s intraday range was essentially an inside day compared to Thursday, so momentum has not reversed down.

30-year Treasury Mar Contract (US, ETF: (TLT))
Probing a fresh high overnight up to 148-27 was reversed down sharply in reaction to Friday’s Employment Situation report. A Double Bottom formed at 146-19 which is “lower prior highs” from Wednesday’s confirmation of Tuesday’s breakout. Closing back above 147-08 and 147-16 would signal the knee-jerk reaction had been absorbed and momentum was reversing up.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The 43.35-44.15 pullback limit was ultimately attacked only to within 20 cents before greeting Friday’s delayed EIA report back in rally mode, retesting the 47.00 buy signal up to 49.25. Closing under 47.00 would increase the likelihood for testing the pullback limit. Closing above 47.00 would still allow the pullback limit’s test from a position of strength that is likely to recover.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
The delayed EIA report had little effect on price, which ranged narrowly sideways after having briefly probed a fresh low overnight. Closing above 3.15 would start to reverse the trend back up, or at least create a position of strength to help absorb further dips. Meanwhile, interesting research here on the possible cold wave coming.

Posted in Bigger Picture, Daily Spot, members-only