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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | January 10, 2019 - 3:04 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))
Thursday’s dip tested the gap below down to 1.1547 that Wednesday’s rally had sliced through. Buying pressure should be impatient and help to prevent any further weakness.

Gold Feb Contract (GC, ETF: (GLD))
Firming overnight to 1298.00 wasn’t extended intraday Thursday. More so, it was retraced into negative territory down to  1287.00. The 1283.00 buy signal wasn’t threatened, but likely will be if the pattern isn’t rallying into the weekend.

Silver Mar Contract (SI, ETF: (SLV))
Flat-to-higher ranging Wednesday became choppier Thursday as early strength was reversed into negative territory. The early attraction to prior highs wasn’t overly optimistic, but rallying further is likely so long as early selling is avoided Friday.

30-year Treasury Mar Contract (US, ETF: (TLT))
Flat-to-lower hovering just above 145-08 essentially held Wednesday’s lows. A fresh low can’t be discounted, but it must snap back up and rally strongly to avoid triggering a larger downleg.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Flat-to-higher ranging Thursday tested 52.70, still having room down to 51.00 to maintain the rally. Othewsise, back under 50.15 would start to signal the trend reversing down.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Narrow sideways ranging didn’t seem to exploit Thursday’s inside day, and its own mild pessimism. But any initial strength Friday would likely be credible for extending higher into the weekend.

Posted in Bigger Picture, Daily Spot, members-only