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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | January 23, 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 formed a setup similar to a previous setup in the current channel that had resolved down, making this instance likelier to resolve up. Surging Wednesday morning extended to attack 1.1450, with a second consecutive higher close on Thursday able to confirm momentum reversing up.

Gold Feb Contract (GC, ETF: (GLD))
Although still not extending back above 1283.00 since recovering it Tuesday, Wednesday also recovered a shallower dip to keep alive the upside potential.

Silver Mar Contract (SI, ETF: (SLV))
Tuesday’s recovery up to 15.40 had not extended higher, remaining vulnerable to another dip. Wednesday’s dip did recover to 15.40.

30-year Treasury Mar Contract (US, ETF: (TLT))
Reacting down to and through 144-24 at Wednesday’s open was absorbed to retest the 145-08 buy signal, which held to avoid invalidating the recent break lower or to trigger a recovery.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s open was greeted back at the upper-end of 53.00-53.40 but only dipped to its lower-end intraday. Breaking higher beyond the narrow range would signal at least a retest of Friday’s high, if not also another breakout attempt from the same multi-session range.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Gapping up Wednesday from Tuesday’s collapse was reversed down to fresh lows at 2.95 in the deepest test of “lower prior highs” that must to hold to maintain recovery potential.

Posted in Bigger Picture, Daily Spot, members-only