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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | July 6, 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))
Wednesday’s weakness almost touched last week’s 1.1052 reaction low to the ECB commenting on QE. Its recovery was apparently only temporary after all, and fresh lows could be probed soon.

Gold Aug Contract (GC, ETF: (GLD))
Extending higher Tuesday night fulfilled the retest of Brexit’s spike up to 1362.60, surging through its 1369.50 target to test 1377.00. Upside momentum remains intact with potential to 1385.00 so long as pullbacks now hold 1366.50.

Silver Jul Contract (SI, ETF: (SLV))
Holding above 19.90 Wednesday doesn’t keep in-play any particular targets above, but it does avoid launching a new downleg or deeper correction.

30-year Treasury Sep Contract (US, ETF: (TLT))
Overnight strength up to 177-04 was reversed to unchanged soon after Wednesday’s open, and then into negative territory testing 175-18 intraday. The open’s gap up to 176-28 requires an eventual retest. so long as 174-10 / 174-28 holds as support.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Extending down Tuesday night stopped optimistically short of touching last week’s 45.85 low before bouncing back into positive territory to test 47.55. The decline’s momentum remains intact, next targeting 45.00-45.40.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Tuesday’s corrective dip extended down to 2.69 Wednesday, holding “lower prior highs” before bouncing back into positive territory. This would suffice as a pullback low, but not delaying a retest of the 2.98 high close could be too optimistic ahead of Thursday’s EIA report.

Posted in Bigger Picture, Daily Spot, members-only