Bigger Picture
Look ahead: Economic Calendar – for Tue Aug 14, 2018
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: None of Tuesday’s econ reports is high-profile, or has any track record for influencing price action. A surprise from any one of them is unlikely, and unlikely to affect the market.
NFIB Small Business Optimism Index
6:00 AM ET
Import and Export Prices
8:30 AM ET
Redbook
8:55 AM ET
4-Week Bill Auction
11:30 AM ET
52-Week Bill Auction
11:30 AM ET
Saturday Review’s recording (for 8/11/18) … One heck of a pause.
Did Friday’s plunge derail the rally, a rally that had not progressed in more than two days despite sitting all that time at its highs? We discuss that question in this week’s Saturday Review, among others, including: what would resume the rally, and how much deeper would signal the trend reversing down. Several charting and technical points were explored, as well.
PROGRAMMING NOTE: Saturday Review is off next weekend, Aug 18. Then it’s back on for one week before the Labor Day holiday weekend.
The following stock requests were reviewed in this order:
TSLA, FB, AAPL, AMZN, NFLX, GOOG, SQ, NVDA, MU, IIPR,CGC
Saturday Review Link
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))
Just returning to Monday’s low wasn’t likely to form a bottom, and some more significant probe was likely. Thursday night’s plunge was much more aggressive than was required. But Turkey’s currency news leveraged the pattern’s position of weakness. No bottom is likely soon.
Gold Dec Contract (GC, ETF: (GLD))
Still hovering at or above the lows for multiple sessions despite there being no “unfinished business below” suggests a deeper probe is coming.
Silver Sep Contract (SI, ETF: (SLV))
The 3-week old 15.25 gap remains unfilled, and the interim action continues to be “ineffectual optimism” that makes fresh lows likely, too.
30-year Treasury Sep Contract (US, ETF: (TLT))
Already rallying overnight while stocks and currencies fell sharply, the 143-12 buy signal was probed by more than 1 point. A second consecutive higher close Monday would confirm a reversal. But that will be difficult since the gap back to Thursday’s 143-12 close may attract price down first.
Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
A momentary fresh low overnight held 66.15 to barely fulfill the pattern’s minimum outstanding requirement. Rallying into Friday afternoon held 67.85 resistance, needing a second consecutive higher close to confirm momentum reversing up. There is otherwise no currently active signal.
Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Still fluctuating narrowly within the 2.93-2.95 target area’s range Friday doesn’t make fresh highs any likelier soon. But it does make a reversal down likely to recover.
Look ahead: Economic Calendar – for Mon Aug 13, 2018
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: Monday’s econ calendar is entirely void of any scheduled economic report, high-profile or not.
3-Month Bill Auction
11:30 AM ET
6-Month Bill Auction
11:30 AM ET