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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | February 20, 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))
No improvement overnight after Tuesday’s break above the 1.1333 buy signal was due probably to its test also having held last Tuesday’s prior high and closing gap. But not reacting down left the door open to later improving in time for a second consecutive higher confirming close. Fresh highs attacking 1.1400 went out testing the 1.1375 resistance.

Gold Apr Contract (GC, ETF: (GLD))
Tuesday’s gap up through the outstanding 1333.00 target and its intraday extension to 1345.00 initially followed-through to attack 1350.00. Which held as the session high Wednesday, now having room for a pullback down to 1328.50.

Silver Mar Contract (SI, ETF: (SLV))
Already improving overnight to probe above 16.00 confirmed the “unfinished business” above at the 3-week old opening gap to 16.16. Rallying sharply intraday fulfilled the objective, while essentially touching the actual 3-week old intraday high.

30-year Treasury Mar Contract (US, ETF: (TLT))
Only touching Tuesday’s 147-05 intraday high overnight was unable to resume upside momentum before dipping back down to 146-11. The massive Ascending Triangle remains intact and vulenrable to breaking higher.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s flat-to-lower open barely attacked 55.75 before recovering to fresh highs at 57.60, confirming upside momentum remains intact from the confirmed breakout, greeting Thursday’s one-day delayed EIA report from a position of strength.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Eking out slightly higher highs overnight had not actually touched the 2.70 buy signal that must be recovered through Wednesday’s close to greet Thursday’s EIA report from a position of strength.

Posted in Bigger Picture, Daily Spot, members-only