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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | January 7, 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))
Gapping up Sunday above 1.1485 resistance and the 1.1500 buy signal extended higher Monday to its highest levels in 2 weeks at 1.1550. A second consecutive higher close Tuesday would confirm.

Gold Feb Contract (GC, ETF: (GLD))
Friday’s dip back under 1284.00 had recovered through the close, which Sunday night exploited by trending back up. But Friday’s pre-open probe above 1300.00 was never retested, despite gapping up Monday to pierce Thursday’s 1295.50 high. Back under 1283.00 would signal a deeper pullback underway, but the 1319.50 target otherwise remains intact.

Silver Mar Contract (SI, ETF: (SLV))
Friday’s pre-open test of 15.95 had been retraced before Friday’s open, which held support intraday. An attempt to resume the rally Monday stopped short of Friday’s pre-open high before settling back into Friday’s range, still not reversing momentum down.

30-year Treasury Mar Contract (US, ETF: (TLT))
Closing under the 147-16 pullback limit needed to recover it Monday to resume the rally’s momentum. Its resistance held Sunday night’s bounce, which reacted back down Monday to test Friday’s 146-18 lows. Tuesday may be the last opportunity to resume the rally.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s open was greeted probing further above the 47.00 buy signal, still needing a second consecutive higher close to confirm a rally can get underway despite having stopped 20 cents short of even touching the 43.35-44.15 pullback limit. Ending the day back under Friday’s highs did not confirm, but any initial strength Tuesday would still be credible for extending higher intraday.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Gapping down Sunday night didn’t extend down to fresh lows, which could be a last round of selling before at least trying to recover 4.15 where a bottom could begin forming.

Posted in Bigger Picture, Daily Spot, members-only