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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | June 7, 2016 - 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 Sep Contract (EC, ETF: (FXE, UUP))
Gapping down slightly Tuesday ranged narrowly within the prior two sessions’ range. The confirmed breakout requires at least an eventual third higher close, which is in-play so long as 1.1310 holds as support.

Gold Aug Contract (GC, ETF: (GLD))
Monday’s second consecutive higher close above Friday’s surge was not optimal confirmation since all of the session’s legs overlapped Friday’s highs. But gapping down Tuesday bounced upon attacking the 1236.50 pullback limit, filling the gap back up to Monday’s 1247.00 close. Now 1236.50 becomes a sell signal.

Silver Jul Contract (SI, ETF: (SLV))
Gapping back down Tuesday was recovered to attack Monday’s test of 16.50 resistance. Last week’s Island Reversal pattern must still be retested at the lows. Closing first above 16.60 would signal a bigger rally underway first.

30-year Treasury Sep Contract (US, ETF: (TLT))
Monday night’s pullback came within 4 of ticks of the 165-16 pullback limit before rallying Tuesday morning to attack Friday morning’s 166-22 high. Retesting the 167-00 high is likely before a durable decline begins, but closing under 165-16 would signal a downleg underway already.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up Tuesday on news once again ignored the bigger distributive pattern forming that had held three consecutive tests of its 49.00 sell signal. It also ignored Monday’s “ineffectual optimism.” Not already reversing down Tuesday evening or at Wednesday’s open would be likely to test a fresh high at 51.45.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
The fourth session of a 4-day alternating setup Tuesday was unlikely to maintain its probe of fresh highs. Beginning the session by gapping down would form a “pivot reversal” setup after rejecting fresh highs, although closing action was still overlapping Monday’s close.

Posted in Bigger Picture, Daily Spot, members-only