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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | January 25, 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))
Rallying overnight gapped up Friday t 1.1390 and immediately retraced 61.8% of Thursday’s collapse to begin suggesting that was only an ECB related anomaly. Extending higher through Wednesday’s attack on 1.1450 all but confirms momentum has reversed up.

Gold Feb Contract (GC, ETF: (GLD))
Consolidating between 1277.50-1283.00 finally resolved Friday morning, surging to probe prior highs at 1300.00, and presumably reinstating upside momentum next targeting 1319.50 so long as 1292.00 now holds as support.

Silver Mar Contract (SI, ETF: (SLV))
The consolidation under 15.40 finally resolved up Friday morning, at least producing its most aggressive attempt, by returning into the previous channel up to 15.70. Further recovery potential requires holding 15.60 as support.

30-year Treasury Mar Contract (US, ETF: (TLT))
Thursday’s gap up had firmed slightly through the close, but was still likely to back-and-fill before resuming the rally. An overnight dip gapped down to recent “lower prior highs” at 145-08 and tested 144-30 intraday. Any initial strength Monday would be credible for extending higher, but back under 144-24 would launch a new downleg.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Overnight strength to 54.20 essentially filled the gap back last Friday’s false breakout before reversing to greet Friday’s open unchanged. Intraday action trended back up to attack the overnight high. Any initial strength Monday would be likely to extend higher intraday.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Thursday’s rally from its maximum corrective pullback limit was initially extended higher overnight to test 3.20. Opening Friday back under Thursday’s highs dipped to 3.05 support before rallying to attack 3.20 into the weekend, all in-line with forming a bottom.

Posted in Bigger Picture, Daily Spot, members-only