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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | February 21, 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))
Ranging narrowly flat-to-lower Thursday didn’t reject the confirmed breakout above 1.1333 but does now all but require the recovery to resume without further delay if it is valid.

Gold Apr Contract (GC, ETF: (GLD))
Extending higher Wednesday to attack 1350.00 despite already fulfilling its 1328.30 and 1333.00 upside objectives Tuesday didn’t prevent reacting down Thursday. The two upside objectives now serve as a range of support to a pullback, which was tested Thursday afternoon. Back above 1335.50 would resume the rally.

Silver Mar Contract (SI, ETF: (SLV))
Probing the 16.16 objective Wednesday had already stopped pessimistically short of also probing the 16.20 prior high. Pessimism only expanded by immediately collapsing back down to test 15.80 support. That’s natural support at “lower prior highs,” suggesting that impatient sellers are now done and the rally can resume at any time.

30-year Treasury Mar Contract (US, ETF: (TLT))
Gapping down Thursday to and through the 146-00 pullback limit and probing lower intraday down to 145-17 must recover 146-04 without further delay to maintain upside momentum of the massive Ascending Triangle pattern. Meanwhile, the drop has room to 145-16 while still being only a pullback and not yet reversing momentum down.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Greeting Thursday’s EIA report from a position of strength didn’t prevent a knee-jerk reaction down, but the weakness was very shallow testing only 56.65. The reaction is likely to recover, so long as any further weakness hold 55.85-56.05 as support.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report wasn’t greeted from a position of strength, or weakness, having ranged narrowly under 2.70 for multiple consecutive sessions. The shallow knee-jerk reaction only touched 2.70 which remains intact as a buy signal.

Posted in Bigger Picture, Daily Spot, members-only