Bigger Picture
Globex is trading.
So far, there’s nothing eventful about it. But the overnight Globex session is open, and you can monitor it in the chaRTroom here.
Saturday Review’s recording (for 7/9/16) …
Friday’s new high close is a double-edged sword. Fulfilling the outstanding objective at 2125.25 satisfies the buying pressure that created it. Not closing above it has failed to put into play any higher targets. But its reaction down came too late and was too shallow to reflect counter-trend sponsorship exploiting it. And reacting down on Mondays is usually only temporary when begun from a new trend high close on Fridays.
Did I say “double-edged” sword? Make that quintuple-edged.
It’s not so much about conflicting signals, as it is about no new signals. But the absence of a signal is often a signal, itself. At least, it starts limiting the likely templates going forward. And we discuss those possible paths during this weekend’s Saturday Review.
The following stock requests were reviewed in this order:
TWTR, MQTRF, TWMJF, AMZN, SODA, BAC, GOOG, WYNN, BIDU, NFLX
07/09/2016 09:23:48 Mark Glezer: gm
07/09/2016 09:23:52 David B: Good Morning
07/09/2016 09:47:17 Mark Glezer: why a decline that is faster than a prior move up requires a retracement to its origin?
07/09/2016 10:07:27 Mark Glezer: k
07/09/2016 10:18:29 Josey: MT:ca, CGC:ca Canadian tickers that I don’t think you can do, the US convenience tickers are MQTRF and TWMJF.
07/09/2016 10:18:47 ljr mobile: stocks: can you look at: AMZN, SODA, GOOG. (longs)
07/09/2016 10:21:25 Josey: Volume is in the Canadian tickers
07/09/2016 10:24:00 Josey: Yes
07/09/2016 10:24:53 ljr mobile: Wynn, Bidu (short), nflx, – only if u have time for these 3. thx
07/09/2016 10:33:42 Mark Glezer: BAC
07/09/2016 10:51:42 ljr mobile: thx for today!
07/09/2016 10:51:43 Mark Glezer: thx
07/09/2016 10:51:55 Josey: Ty
Saturday Review Link
Only an errant tick exceeded our long-standing 2125.25 objective. Having held, no higher target was put into play. And having held up so late in the day, a reversal down isn’t indicated. So, what’s next?
Be sure to join us by 9:30am ET for this weekend’s Saturday Review. After discussing the bigger picture and gaming out strategies for playing next week’s likelier opening setups, we’ll do instant analysis of any stock charts that you request… See you there!
Daily Spot…
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))
.Choppy ranging around unchanged after Friday’s payrolls report didn’t alter the near-term attraction back down to retest prior lows, triggered under 1.1035-1.1045
Gold Aug Contract (GC, ETF: (GLD))
Thursday’s late bounce had peaked before recovering the 1365.50 pullback limit, which Friday’s payrolls report leveraged to trigger a spike down to 1336.30. Already reacting back up to probe $6 above 1365.50 doesn’t lessen the likelihood of retesting the spike down’s low. Closing above 1365.50 would likely delay it until retesting the highs up to 1385.00..
Silver Jul Contract (SI, ETF: (SLV))
Barely failing to recover the 19.90 pullback limit Thursday opened the door to reacting sharply lower on Friday’s payrolls report. But spiking down to 19.28 was soon recovered well back up into positive territory at 20.15. Only ranging around 19.90 instead of closing above it doesn’t yet reinstate the potential to retest prior highs.
30-year Treasury Sep Contract (US, ETF: (TLT))
Another shallow pullback avoided touching 174-10/174-24 and maintained the upside momentum to probe fresh highs up to 177-09. There is no further unfinished business above in this leg.
Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Testing 46.00 resistance early Friday was reversed down sharply to retest Thursday’s 44.85 low by a dime. Its test reacted back up to 45.00-45.40 which must hold to maintain this leg’s attraction down to 43.00.
Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Firming Friday morning still needed to recover 2.85 to signal the pullback had ended, and that the gap back up to Friday’s 2.98 close was going to be filled, potentially on the way to higher highs..
Look ahead: Economic Calendar – for Mon Jul 11, 2016
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: Monday’s econ calendar has no likelihood of influencing price action. The week does get busier, though, including Fed speakers.
Labor Market Conditions Index
10:00 AM ET
3-Month Bill Auction
11:30 AM ET
6-Month Bill Auction
11:30 AM ET
3-Yr Note Auction
1:00 PM ET