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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | February 11, 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))
Still no finding any traction below, Sunday night extended the decline to fill the gap back down to 1.1335 and then to fresh lows at 1.1300. No abrupt recovery attempt would be credible at this stage, so no buy signal is being considered.

Gold Feb Contract (GC, ETF: (GLD))
Sunday night’s reaction back down to Thursday’s 1310.00 pullback low didn’t reject Friday’s attempt to trigger the 1317.00 buy signal, which would be credible for extending higher intraday if attempted Tuesday.

Silver Mar Contract (SI, ETF: (SLV))
Already retracing Friday’s recovery attempt, Sunday night’s dip retested Thursday’s 15.65 prior lows, where closing back above 15.80 would still be credible for extending higher.

30-year Treasury Mar Contract (US, ETF: (TLT))
Having fulfilled the rally’s target to retest the 147.-00 prior highs, Sunday night’s weakness extended into a deeper pullback Monday that ranged between 146-10/146-16 to avoid reversing the trend down, while keeping alive potential for reinstating the rally’s upside momentum.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday was greeted by overnight weakness still testing the 52.00 sell signal, but not yet breaking lower, and keeping alive potential for recovering 53.30 to launch another rally effort.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Avoiding a fresh low on Friday had recused Monday from any requirement to probe lower. It also enabled Sunday night’s open to gap up and touch “higher prior lows” at 2.75 that can begin forming a bottom. Closing any higher Tuesday could extend, but preferably after filling the gap back to Friday’s close under 2.60.

Posted in Bigger Picture, Daily Spot, members-only