Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the disable-gutenberg domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/jwl23/public_html/rd.johnlander.me/wp-includes/functions.php on line 6131
Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | June 28, 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 up Tuesday was immediately reversed, albeit only to attack or to fill the gap back down to Monday’s close, and not yet to trend to fresh lows.

Gold Aug Contract (GC, ETF: (GLD))
Overnight weakness had initially held a test of the 1322.00 pullback limit, but a rally leg never gained traction so Tuesday afternoon action dipped a little deeper to test 1311.00. Immediately recovering 1329.50 would resume the rally back to Thursday night’s 1362.60 high.

Silver Jul Contract (SI, ETF: (SLV))
Attacking 17.60 overnight held and reacted up to try resuming the rally. A slightly deeper test reacted up intraday to test 17.84 resistance.

30-year Treasury Sep Contract (US, ETF: (TLT))
Overnight highs touched Thursday night’s 173-25 prior high that had required a retest, which is still likely to include a visit to 174-24, now so long as 172-14 holds as support.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Bouncing overnight to 47.80 held resistance at Wednesday’s “higher prior lows” before reversing back down to test a new sell signal at 46.75.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Gapping up Tuesday tried to produce the new high close that had become required by last week’s confirmed breakout, while probing the next higher resistance area at 2.86-2.91. The vulnerability to reacting down is based on there now being no unfinished business above outstanding, and only a shallow base with no pullback having launched the current leg.

Posted in Bigger Picture, Daily Spot, members-only