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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | July 8, 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))
.Choppy ranging around unchanged after Friday’s payrolls report didn’t alter the near-term attraction back down to retest prior lows, triggered under 1.1035-1.1045

Gold Aug Contract (GC, ETF: (GLD))
Thursday’s late bounce had peaked before recovering the 1365.50 pullback limit, which Friday’s payrolls report leveraged to trigger a spike down to 1336.30. Already reacting back up to probe $6 above 1365.50 doesn’t lessen the likelihood of retesting the spike down’s low. Closing above 1365.50 would likely delay it until retesting the highs up to 1385.00..

Silver Jul Contract (SI, ETF: (SLV))
Barely failing to recover the 19.90 pullback limit Thursday opened the door to reacting sharply lower on Friday’s payrolls report. But spiking down to 19.28 was soon recovered well back up into positive territory at 20.15. Only ranging around 19.90 instead of closing above it doesn’t yet reinstate the potential to retest prior highs.

30-year Treasury Sep Contract (US, ETF: (TLT))
Another shallow pullback avoided touching 174-10/174-24 and maintained the upside momentum to probe fresh highs up to 177-09. There is no further unfinished business above in this leg.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Testing 46.00 resistance early Friday was reversed down sharply to retest Thursday’s 44.85 low by a dime. Its test reacted back up to 45.00-45.40 which must hold to maintain this leg’s attraction down to 43.00.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Firming Friday morning still needed to recover 2.85 to signal the pullback had ended, and that the gap back up to Friday’s 2.98 close was going to be filled, potentially on the way to higher highs..

Posted in Bigger Picture, Daily Spot, members-only