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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | January 31, 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))
Wednesday afternoon’s surge up to 1.1545 in reaction to FOMC fulfilled the confirmed breakouts requirement for at least an eventual third higher close. Its optimal 1.1520 pullback limit was probed Thursday morning back down to the 1.1485 prior target. .

Gold Feb Contract (GC, ETF: (GLD))
Wednesday’s post-close surge in reaction to FOMC had fulfilled the rally’s next higher objective at 1326.50, and it was maintained overnight and probed above 1331.00. Thursday’s gap up to 1328.50 above all prior highs will need to be retested eventually from below.

Silver Mar Contract (SI, ETF: (SLV))
Already firming Wednesday afternoon ahead of FOMC, the rally persisted overnight to fresh highs that extended higher at Thursday’s open up to 16.20. The open’s 16.13 gap up above all prior highs will need to be retested eventually from below.

30-year Treasury Mar Contract (US, ETF: (TLT))
Resuming Wednesday’s late break without hesitation after the close extended higher overnight to gap up above 146-00 and extend further Thursday morning to 146-28. The confirmed breakout now requires there to be at least an eventual third higher close. Pullbacks must hold 146-08/1467-16 to maintain near-term upside momentum.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Ranging narrowly sideways overnight broke higher Thursday morning to 55.37. But the afternoon reversed down sharply back down to “lower prior highs” at 53.80, which Wednesday’s open had gapped up above. A deeper pullback must hold 53.30 to maintain the breakout’s momentum.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report wasn’t greeted from a position of strength, especially not after two consecutive sessions had printed fresh intraday lows. Falling back down to last Friday’s 2.80 low was redundant having been a test of early January lows. Closing above 3.05 is needed to indicate a bottom has formed, but the pattern is otherwise at risk of extending down.

Posted in Bigger Picture, Daily Spot, members-only