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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | July 15, 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))
Friday’s weaker open broke under recent uptrending support and need only accelerate its decline a little to confirm momentum is reversing down to retest the post-Brexit 1.0945 low.

Gold Aug Contract (GC, ETF: (GLD))
Thursday’s attack on the 1333.00 target reacted back down overnight to retest Wednesday’s lows in the 1322.00 area Friday morning. There is no unfinished business below if a recovery is ready.

Silver Jul Contract (SI, ETF: (SLV))
The 20.05 pullback limit was retested Friday morning. Its reaction up was even more muted than was Thursday’s limited reaction. That is still likelier pessimism than optimism, which would be more bullish from a contrarian perspective.

30-year Treasury Sep Contract (US, ETF: (TLT))
The 171-16/172-08 target area was probed Friday as support, and closing under it could prevent one more test of the recent topping area to complete it.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Firming further Friday tested the 46.00 bounce limit to keep alive this leg’s attraction down to 43.00.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Slightly lower lows at 2.67 was deep enough to stretch the rubber band tightly enough for a snap back up. Probing positive territory stopped a couple of pennies short of the minimum 2.80 target.

Posted in Bigger Picture, Daily Spot, members-only