Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the disable-gutenberg domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/jwl23/public_html/rd.johnlander.me/wp-includes/functions.php on line 6131
Daily Spot… Big moves, and no slowing down. – If, Then… Market Timing

Daily Spot… Big moves, and no slowing down.

By Rod David | December 3, 2015 - 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 Dec Contract (EC, ETF: (FXE, UUP))
Recent tests of prior lows and Wednesday’s bullish pivot reversal created very fertile ground for Thursday’s ECB monetary moves. Recovering 1.0650 on the way to 1.0945 may be a one-day wonder, but a pullback has room to 1.0750 without reversing the trend back down.

Gold Feb Contract (GC, ETF: (GLD))
Thursday’s reaction to the ECB statement was relatively muted for being at its trend lows but having neutralized all attractions below. So the test of 1061.50 reversed back down to 1053.00. The afternoon did recover to end the day retesting 1061.50, more credibly, but still needing follow-through Thursday.

Silver Mar Contract (SI, ETF: (SLV))
The reaction to Thursday’s ECB events surged to 14.10 resistance, whose recovery would trigger a buy signal needing only a second consecutive higher close to confirm a new rally leg underway. Its intraday reaction down was recovered entirely, so there’s little excuse to delay rallying Friday.

30-year Treasury Jan Contract (US, ETF: (TLT))
Wednesday’s close actually produced a higher close, barely confirming the prior session’s breakout. That’s dubious, at best, considering Thursday’s 4-1/4 point plunge. Support is at 151-08 and not likely to be reversed up immediately.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s breakout was retraced Thursday to probe back above the basing pattern’s 41.35, and not confirmed. That is the second step to forming a bottom, the next step now being to extend back up aggressively through the basing pattern. Any shallower strength, or simply weakening, would not be bullish.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report was not greeted from a position of strength. But the morning’s fresh low at 2.13 was at least retraced back into Wednesday’s range instead of confirming its breakout.

Posted in Bigger Picture, Daily Spot