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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | February 7, 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 missed the end of its window to rally by Tuesday afternoon, Wednesday trended down further and so did the overnight. Thursday’s open gapped down to the 61.8% retracement of the 2-week old low close and the next day’s gap up (view Market Wrap for details) at 1.1366. It held, and now closing above 1.1400 would reverse momentum back up.

Gold Feb Contract (GC, ETF: (GLD))
Overnight weakness down to 1306.50 filled another gap that helped to neutralize its attraction below, while remaining within the orbit of last Thursday’s 1328.30 gap up that still needs to be retested from below, probably up to 1333.00. Closing back up above 1317.00 would signal the recovery underway again.

Silver Mar Contract (SI, ETF: (SLV))
Lower lows overnight down to 15.63 need to define the pullback’s low to keep alive potential for retracing the current leg back up to 16.16 without needing first to form a bottoming pattern. Closing back above 15.80 would signal the recovery underway.

30-year Treasury Mar Contract (US, ETF: (TLT))
Already rallying to a fresh high again overnight further chipped away at the 146-04 resistance to allow retesting the 147-00 prior high, if not also to resume the rally. Thursday’s gap up ranged sideways around Wednesday’s 146-09 high, needing a higher close to signal momentum remains intact.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Flat-to-lower ranging overnight trended down sharply Thursday from Wednesday’s 54.00 close to probe the 52.15 sell signal down to 51.80. A gap fill at 52.00 requires a second consecutive lower close to confirm momentum reversing down, and meanwhile closing back above 53.20 would reject Thursday’s sell signal and reverse the trend back up.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report was being greeted from a position of weakness before probing even lower overnight. Thursday extended down to fresh lows attacking 2.55, maintaining a pattern that is unable to trigger a buy signal.

Posted in Bigger Picture, Daily Spot, members-only