Posts by Rod David
Post-market Wrap… Who needs trending.
Friday’s pre-market Tour’s premises held true throughout the day. Unfortunately.
First, pre-open and post-open selling pressure under 1929.00 didn’t extend down or gain traction. And the balance of the session didn’t trend, but did range back to Thursday afternoon’s highs around 1950.00. The ranging was a little more trending-like than seemed possible for the session. Trending or not, that didn’t matter since the range was so wide.
The unfortunate part is that by not trending, Friday’s pattern leaves no required objective outstanding. More so, Friday was an inside day, its range contained entirely within Thursday’s range. That upward bias within an inside day would have been bearish if not for being a Friday. Meanwhile, the bias environment exit and final hour entry both were within the noon hour’s range, so buyers gained no traction from the last-minute surge to fresh session highs.
We’ll discuss the bigger picture consequences and challenges during this weekend’s Saturday Review. I’ll send login info in the morning. Meanwhile, Friday’s details and other markets coverage were recorded here.
Pre-close View… Back-and-forth Friday.
Trending wasn’t likely, and extending down wasn’t likely. So, once this morning’s noN-bias environment began lapsing, price could hardly wait to leave the lower-end of its range testing 1929.00 for the upper-end up to 1945.00.
Then came the afternoon’s no-bias environment. The 1944.75 bias-up signal’s retest reacted down to 1935.50. Trending was still unlikely, and sellers were still unlikely to regain control, so the dip was largely recovered into the final hour’s entry.
Probing fresh highs momentarily was retraced back under the 1944.75 bias-up signal. But not retraced entirely before the 3:10-3:20 timing window had elapsed. That slight delay may have prevented the balance of the session from sliding even more deeply, instead of just narrowly ranging choppily into the close.
Livestox recording
Friday’s Livestox recording is below, and the stocks we addressed in order follow that. Please don’t hesitate posting follow-up questions to this blog post’s thread.
BABA
GPRO
RIG
CLF
TWTR
NFLX
FEYE
SIVB
FB
INSY
AAPL
GOOGL
BIIB
AMZN
CARA
TRTC
GWPH
SRNA
VAPE
CBIS
Daily Spot… Not-so heavy metals.
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 Sep Contract (EC, ETF: (FXE, UUP))
Firming further into the weekend provided a second consecutive higher close to confirm Thursday’s breakout. The minimum objective is at least an eventual third higher close. That’s likely to include a visit to prior highs above 1.1700.
Gold Dec Contract (GC, ETF: (GLD))
Thursday’s gap up was inappropriate, making a fresh low likely to test 1098.40. Friday’s 1097.70 lows fulfilled the objective, but reacted up only to test the 1103.80 prior low close without closing decisively above it.
Silver Dec Contract (SI, ETF: (SLV))
The long-awaited gap fill back down to 14.35 was fulfilled Friday. Probing under it by a dime reacted back up to 14.50, too shallow to signal momentum reversing up.
30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping up Friday wasn’t likely to extend while the gap back to Wednesday’s 153-12 opening gap remained unfilled. Wednesday’s recovery high did hold Friday’s temporary probe above it.
Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s recovery from Wednesday’s fresh low was retraced somewhat overnight, and needed to close higher Friday to confirm the recovery had dodged a steeper decline.
Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Friday’s bounce back to the narrow range’s upper-end didn’t close above its resistance, greeting the weekend with no trending underway.
Look ahead: Economic Calendar – for Mon Sep 14 2015
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: Don’t judge the week by Monday’s empty calendar. Each day has a high-profile catalyst for volatility. Except for Monday, which has nothing.
3-Month Bill Auction
11:30 AM ET
6-Month Bill Auction
11:30 AM ET