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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | February 22, 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))
Thursday’s pullback from Tuesday’s confirmed breakout leaves no reason to extend the pullback any deeper, or to further delay resuming the recovery effort. Friday did not extend any deeper, but also has not resumed the rally, so almost any initial strength coming out of the weekend would be credible for extending higher intraday.

Gold Apr Contract (GC, ETF: (GLD))
Firming Friday was still testing the 1328.50-1333.00 pullback limit, and not yet rallying out of it to any degree that would be reliable for resuming the rally.

Silver Mar Contract (SI, ETF: (SLV))
Thursday’s test of “lower prior highs” under 15.80 was reversed back up through the 15.95 buy signal Friday to suggest the recent high’s retest is now underway.

30-year Treasury Mar Contract (US, ETF: (TLT))
Thursday’s gap down to and through 146-04 had stopped short of breaking support at 145-16, which would have confirmed the reversal. The opportunity to confirm the reversal wasn’t exploited as Friday’s open gapped back up above the 146-12 buy signal and tested Wednesday’s 146-21 close.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Retesting recent highs overnight and into Friday’s open doesn’t prevent fluctuating back down to test the 55.85-56.05 pullback limit before extending the rally. The rally meanwhile remains likely to resume at some point.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
The 2.70 buy signal was barely pierced going into the weekend, but at least a new low was avoided on a Friday for the second consecutive week to add credibility to a bottom forming.

Posted in Bigger Picture, Daily Spot, members-only