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 8, 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))
Monday’s close back above 1.1485 and 1.1500 didn’t follow-through immediately, and instead gapped down Tuesday back under 1.1500 to test 1.1485. Quickly recovering 1.1500 was maintained if not also improved intraday, but can’t tolerate any further delay to rallying aggressively.

Gold Feb Contract (GC, ETF: (GLD))
Dipping further overnight extended Monday’s post-open retracement of its gap up. The 1283.00 sell signal was being tested at the open, and only reacted back up intraday to maintain potential for resuming the rally targeting 1319.50. But remaining in negative territory through the close requires the recovery to become aggressive almost immediately to avoid triggering 1283.00.

Silver Mar Contract (SI, ETF: (SLV))
Fresh pullback lows overnight probed lower intraday Tuesday without either extending down or recovering. Resuming the rally should be obvious by Wednesday afternoon to avoid a deeper pullback.

30-year Treasury Mar Contract (US, ETF: (TLT))
Monday’s gap up to its 147-12/147-167 buy signal had held to reverse the session back down to fresh pullback lows, which extended lower overnight and Tuesday to 146-00. Almost any initial strength Wednesday would be credible for extending higher intraday, even if only to retest 147-12. No immediate strength would be vulnerable to extending the pullback into a steeper deeper decline.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Overnight strength had needed to extend higher aggressively Tuesday to compensate for Monday’s failure to confirm Friday’s close above the 47.00 buy signal. Attacking 50.00 Tuesday and trending up throughout the session qualifies as aggressive, but the recovery still cannot tolerate a pullback Wednesday.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Gapping up Tuesday helped to confirm that Monday’s gap down had not gained traction. Closing above 4.15 is still needed to seal a bottom, at least to create a position of strength that offers confidence for absorbing further intraday dips.

Posted in Bigger Picture, Daily Spot, members-only