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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | January 11, 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))
Already having corrected Wednesday’s surge on Thursday, Friday’s open gapped up. But it was soon reversed to fresh pullback lows. While the breakout isn’t confirmed, its reaction down has room to 1.1510 before suggesting Wednesday’s surge won’t be revisited soon.

Gold Feb Contract (GC, ETF: (GLD))
Friday’s Flat-to-higher narrow ranging wasn’t predictive, but also doesn’t confirm any recent selling efforts, which keeps alive near-term potential to resume the rally targeting 1319.50.

Silver Mar Contract (SI, ETF: (SLV))
Fluctuating narrowly around unchanged Friday was still just under recent highs that have yet to be rejected, suggesting at least some probe of fresh highs is coming.

30-year Treasury Mar Contract (US, ETF: (TLT))
Holding the 145-08 pullback limit allowed bouncing to test the 146-04 buy signal, which was tested Friday morning. Tested, and held, as did Monday’s test of its 147-12 buy signal. Recovering 146-04 Monday would target 147-12, whether as only a temporary corrective bounce or to resume the rally. Closing under 145-08 would launch a more substantial decline.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Already having retraced 61.8% of the prior consolidation’s range, fresh highs overnight testing 53.30 couldn’t afford to hesitate extending. But the open was met in negative territory and soon tested 51.20, with room to test 51.00 before signaling a deeper reaction down underway.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
After absorbing Thursday’s EIA report, Friday flat-to-higher ranging suggests that sellers are reducing their pressure. Another nickel higher to close above 3.15 would start to seal a bottom.

Posted in Bigger Picture, Daily Spot, members-only