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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | January 14, 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 extended Thursday’s pullback an extra day, Wednesday’s surge needed confirmation without much further delay. Sunday night’s shallow fresh lows were recovered pre-open, but Monday’s session has only ranged narrowly sideways.

Gold Feb Contract (GC, ETF: (GLD))
Friday’s narrow ranging persisted Sunday night and Monday, still not rejecting the hovering at recent highs. Another pullback can’t be discounted, whether or not deeper, but any additional pullback should be brief and recovered to fresh highs still targeting 1319.50.

Silver Mar Contract (SI, ETF: (SLV))
Narrow ranging Monday continued the consolidation that was underway into the weekend, still not rejecting the recent higher, but also not immune to another dip before probing higher.

30-year Treasury Mar Contract (US, ETF: (TLT))
Probing above the 146-04 buy signal Sunday night by nearly a quarter-point was nevertheless retraced back to 146-04 before Monday’s open, which pulled back intraday to maintain the trading range above 145-08.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The reaction down from Friday’s pre-open test of 53.30 extended lower Sunday night to test 50.45. It was recovered enough before Monday’s open to hold 50.85-51.00 as support during narrow intraday fluctuation around unchanged. A deeper intraday probe is likely.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Gapping up sharply Sunday night was maintained through Monday’s open to potentially form an Island Reversal from the past 1-2 week trading range. Pullbacks have room down to 3.27 while maintaining the reversal pattern, but any deeper could still hold “lower prior highs” and resume the recovery.

Posted in Bigger Picture, Daily Spot, members-only