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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | June 27, 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))
Few currencies joined the Pound in probing under Thursday night’s lows, but the Euro’s behavior was typical among other currencies for probing under Friday’s intraday lows. Stopping optimistically short of probing fresh lows — while closing lower to confirm Friday’s breakout — keeps alive the downside momentum.

Gold Aug Contract (GC, ETF: (GLD))
Gapping up Monday to retest Friday’s 1336.00 post-open high reacted down to the 1322.40 pullback limit, which must hold as support to maintain near-term potential for retesting Thursday night’s 1362.60 high.

Silver Jul Contract (SI, ETF: (SLV))
Firming Sunday night up to 17.94 didn’t prevent dipping to test the 17.75 pullback limit that keeps alive a retest of Friday’s 18.37 pre-open high up to 18.80.

30-year Treasury Sep Contract (US, ETF: (TLT))
Gapping up sharply Monday to 173-00 immediately recovered well above the rally’s original 171-24 target that had held its test Friday, and well on its way to retest Friday’s 173-25 pre-open high.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down Monday and closing under Friday’s breakout session confirmed that at least a third eventual lower close is required. The 48.75 sell signal already targets 45.00-45.40 which is now within 50 cents.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Gapping up slightly Monday didn’t extend much, the pattern still requiring an eventual third higher close above 2.78, but not precluding a detour down to 2.47-2.51 first..

Posted in Bigger Picture, Daily Spot, members-only