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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | June 9, 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))
Fulfilling theminimum third higher close Wednesday required by last week’s confirmed breakout, Thursday’s gap down has potential for ending the corrective rally. But holding 1.1315 as support keeps alive potential for extending to probe above 1.1540.

Gold Aug Contract (GC, ETF: (GLD))
Upside momentum remained intact after Wednesday fulfilled the 1260.00 next higher objective since 1256.80 held as support. Extending sharply higher Thursday came within $2-3 of filling the gap back up to 1277.00, raising the pullback limit to 1268.50.

Silver Jul Contract (SI, ETF: (SLV))
Not extending the Tuesday night’s surge much beyond Wednesday’s open didn’t undermine the rally’s momentum, which extended sharply higher Thursday to test 17.35. Pullbacks must now hold 17.19 to maintain the rally’s momentum.

30-year Treasury Sep Contract (US, ETF: (TLT))
Rallying overnight extended to test the next higher potential at 168-00. Closing back under 166-12 would signal the fresh highs were a false breakout that is snapping back down. An immediate downleg is unlikely to be durable without first bouncing to fill the gap back up to Thursday’s 167-17 close.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh highs overnight fulfilled the 51.45 objective, already reacting down into Thursday’s open. Raising the sell signal to 50.15 now requires any probe under it to almost collapse for optimal confirmation that the original capitulation pattern is unfolding.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report was greeted from a position of strength that at least made a knee-jerk reaction down likely to recover, but that was unnecessary since the knee-jerk reaction was up, sharply. Now pullbacks should hold any test of 2.47 to maintain the rally’s momentum, next targeting 2.70 and 2.89.

Posted in Bigger Picture, Daily Spot, members-only