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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | February 19, 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))
Repeated failed efforts to trend under 1.1333 finally faced the consequence of breaking higher, and extending intraday to test the 1.1375 buy signal that was avoided last week. A second consecutive higher close Wednesday would confirm the trend had reversed up.

Gold Apr Contract (GC, ETF: (GLD))
[Rolling coverage forward to Apr which trades at a 40-cent premium to Feb]… Rallying out of the weekend had already fulfilled the 3-week old 1328.30 gap up and also its likely 1333.00 objective before Tuesday’s open. The morning extended higher to 1345.00, qualifying as a breakout that could be confirmed by a second consecutive higher close Wednesday. Otherwise, a pullback to 1328.50-1333.00 would maintain upside momentum.

Silver Mar Contract (SI, ETF: (SLV))
Already probing above Friday’s 15.70 buy signal’s test overnight, Tuesday’s open extended through 15.82 resistance to confirm the 3-week old gap up at 16.16 is in-play, already attacking 16.00 intraday.

30-year Treasury Mar Contract (US, ETF: (TLT))
Still testing 146-16 through Friday’s close gave no hint how it would resolve through Sunday night or Monday, not until Tuesday’s next regular open when price surged back to prior highs at 147-05. The massive Ascending Triangle pattern has no bullish excuse not to resolve up much sooner rather than later. Closing back under 146-00 would instead resolve down substantially.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh highs coming out of the holiday weekend may be resolving the massive inverted Head & Shoulders pattern, subject to a second consecutive higher close on Wednesday for confirmation. Which would greet this week’s one-day delayed EIA report on Thursday from a position of strength.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Flat-to-higher ranging ahead of Tuesday’s open still needs to close above 2.70 to reverse momentum back up. Closing above 2.70 by Wednesday would greet Thursday’s EIA report from a position of strength.

Posted in Bigger Picture, Daily Spot, members-only