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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | February 13, 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’s bounce above 1.1333 peaked just under the 1.1375 buy signal. Already reacting down overnight gapped open under 1.1333 Wednesday, filling the gap back to Monday’s 1.1305 close. Eearly strength Thursday back above 1.1333 would be credible for extending higher intraday.

Gold Feb Contract (GC, ETF: (GLD))
Waiting for Wednesday’s open before retesting the 1317.00 buy signal didn’t make it any likelier to extend higher, but it left no “unfinished business” below if the recovery were to extend higher Thursday. And having tested the buy signal up to 1321.70 intraday, its retest Thursday should extend higher if further lows will be avoided.

Silver Mar Contract (SI, ETF: (SLV))
Overnight weakness retested recent pullback lows before bouncing after Wednesday’s open up to the 15.80 buy signal. Its reaction back down to 15.65 support keeps the door open to one more rally attempt.

30-year Treasury Mar Contract (US, ETF: (TLT))
Yet more overnight weakness and fresh pullback lows down to 145-16 increased the difficulty for resuming the recent rally, while also allowing a positive close above 146-00 Wednesday to at least end the pullback.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s probes above the 53.30 buy signal had ultimately ended too low to trigger, and too low to greet Wednesday’s EIA report from a position of strength. But strength held up overnight to gap up Wednesday, and to leverage the morning’s favorable knee-jerk reaction into fresh highs testing 54.60.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Wednesday’s gap down into Friday’s range down to 2.60 did what Tuesday’s shallower dip did not, by testing “lower prior highs.” But the buy signal remains at 2.70. Thursday’s EIA report is not being greeted from a position of strength.

Posted in Bigger Picture, Daily Spot, members-only