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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | February 15, 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))
Not yet triggering the 1.1333 buy signal kept the pattern vulnerable to overnight probes of lower lows, which was most glaringly exploited by ECB comments Friday morning. But that didn’t prevent recovering back up to 1.1333 and remain postured to break higher.

Gold Feb Contract (GC, ETF: (GLD))
Rallying back above the 1317.00 buy signal to its highest levels at 1322.00 into Friday’s open. A pullback to 1317.00 was recovered to fresh highs after the close. A second consecutive higher close would confirm the breakout from a multi-session range.

Silver Mar Contract (SI, ETF: (SLV))
Thursday’s breakout under the multi-session range couldn’t be confirmed Friday if there were any near-term potential for filling the gap back up to the 2-week old 16.16 open above all prior highs. Friday’s gap up quickly attacked the lowered 15.70 buy signal. Its post-open pullback filled the gap back down to Thursday’s close before resuming the rally to fresh highs.

30-year Treasury Mar Contract (US, ETF: (TLT))
Thursday’s gap up to the 146-16 buy signal was still being tested at the close despite probing through it intraday. It was still being tested Friday morning, although the bigger picture has formed a bullish Ascending Triangle with two highs that stopped pessimistically short, which is potentially bullish from a contrarian perspective.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Probing higher into Friday’s open gapped up to fresh 2-week highs and extended higher intraday to attack fresh highs for the month. The breakout has no reason to further delay extending higher from the multi-month inverted Head & Shoulders pattern we’ve been tracking.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Overnight lows at 2.55 that recovered to close above 2.60 would help to define a low forming, but closing above 2.70 is still needed to signal the low has launched an upleg.

Posted in Bigger Picture, Daily Spot, members-only