Bigger Picture
Livestox Recording Oct 2, 2015
Thursday’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.
SPX
GLD — close above 110.50 would target 117
USO — “complex descending triangle”, holding under 15.25-15.55 would target 11.75
TWTR — holding above 24 would has potential up to 34.50
AMZN — above 541 would target 570
GOOGL — less bullish, above 670 would target 711
TSLA — close above 271 would target above 300
NLNK — the trend has reversed down, holding 40/44 resistance would target 26
FEYE — Would consider becoming bullish above 38.50, but otherwise under 34 would target 25
GILD — under 95.50 would target 75
KITE — above 69.75 would start to signal new rally leg
Cannabis sector updates:
TAUG, VAPE, TRTC, THCZ, CANN, INSY, GWPH
Daily Spot… Bond or bust.
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))
Wednesday’s break wasn’t confirmed Thursday, but Friday’s spike up on payrolls didn’t hold its probe above 1.1265. Fresh lows remain in-play, especially so long as 1.1213 is now broken as support.
Gold Dec Contract (GC, ETF: (GLD))
A little extra dose of pessimism further under 1117.00 ahead of Friday’s Employment report facilitated a spike up to attack 1141.50, proving the pullback had ended.
Silver Dec Contract (SI, ETF: (SLV))
Spiking up Friday morning and extending higher to test 15.25 raised the pullback limit to 15.10 to maintain the pullback has reversed up.
30-year Treasury Dec Contract (US, ETF: (TLT))
Spiking up on Friday’s payrolls report to 160-20 was retraced back down to the 158-18 prior highs, now raising the actionable sell signal to a close under 157-24.
Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s choppiness may have been a warning shot at the growing likelihood for breaking lower to and probably through 42.80.
Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Friday’s fresh low didn’t extend, but it’s premature for Monday to offer a reversal setup.
Look ahead: Economic Calendar – for Mon Oct 5, 2015
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: Monday’s calendar is unusually busy for a Monday. That’s in addition to containing two reports with reliable track records for influencing price action.
Gallup US Consumer Spending Measure
8:30 AM ET
*PMI Services Index
9:45 AM ET
Labor Market Conditions Index
10:00 AM ET
*ISM Non-Mfg Index
10:00 AM ET
3-Month Bill Auction
11:30 AM ET
6-Month Bill Auction
11:30 AM ET
TD Ameritrade IMX
12:30 PM ET
Today’s Livestox
Click here to enter the 12:15 ET Livestox session. Post any stock requests to the blog’s comments section (in this or the prior post), or attend the live session to ask there.
[Mark down the next Livestox session 5:00pm ET Monday. It will switch to the Anymeeting platform that is entirely mobile device friendly.]
Daily Spot… Gold and bond turns coming?
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))
Wednesday’s break lower didn’t extend Thursday, but its bounce was relatively shallow and didn’t reject the attraction still outstanding to fresh lows.
Gold Dec Contract (GC, ETF: (GLD))
Narrow sideways ranging Thursday didn’t reject Wednesday’s close under the 1117.00 target which was still almost being overlapped at the close. Thursday’s narrow range also didn’t overlap it, or extend down, making any initial rally effort credible for extending higher intraday..
Silver Dec Contract (SI, ETF: (SLV))
Choppy sideways action Thursday ought to hold above 14.50 resistance and avoid putting into play fresh lows.
30-year Treasury Dec Contract (US, ETF: (TLT))
Probing fresh highs was still retraced to range narrowly around 158-00, and now back under 157-14 and 156-16 would signal a deeper drop underway.
Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up Thursday to test 46.00 resistance wasn’t any likelier to extend from a standing stop within the prior range, which was retraced into the afternoon.
Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Wednesday’s fresh low close didn’t greet Thursday’s EIA report from a position of strength. Gapping down didn’t help. An immediate rally at this stage wouldn’t be credible, but Tuesday’s confirmed breakout has no unfinished business below.