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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | January 9, 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))
Tuesday’s pullback holding 1.1485 and 1.1500 needed confirmation from immediately resuming the rally, which Wednesday’s rally provided, extending sharply higher to 1.1625, the highest level in months. Pullbacks should now hold 1.1580 to maintain the upside momentum.

Gold Feb Contract (GC, ETF: (GLD))
Dipping deeper overnight was reversed back up Wednesday to attack recent highs up to 1294.50. Extending the rally to fresh highs should not be delayed much longer as the 1319.50 target remains intact.

Silver Mar Contract (SI, ETF: (SLV))
Rallying Wednesday morning attacked prior highs to help confirm that Tuesday’s shallow dip had gained no traction for extending down.

30-year Treasury Mar Contract (US, ETF: (TLT))
Extending the decline into Wednesday’s open needed to hold 145-08 for even suggesting that a pullback may have completed. It was attacked to within 3 ticks, and now back above 146-04 would launch at least a corrective bounce. Closing first under 145-08 would signal a new downleg was already underway.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Extending the rally overnight to gap up Wednesday provided the immediate confirmation needed for Tuesday’s rally attacking 50.00. Which shouldn’t have been difficult since EIA was being greeted from a position of strength. Trending sharply higher intraday to attack 52.60 now allows upside momentum to remain intact above 51.00, with room for noise down to 50.15.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Wednesday’s flat ranging doesn’t greet Thursday’s EIA report from either a position of strength or a position of weakness, still needing to recover 3.15 to begin signaling that a bottom is forming.

Posted in Bigger Picture, Daily Spot, members-only