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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | July 21, 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))
The 4-day sequence through Wednesday had suggested another fresh low coming Thursday under Wednesday’s 1.1017 low. Surging Thursday up to 1.1085 in reaction to ECB’s policy statement was reversed to fresh lows at 1.1004, still targeting a retest of Brexit’s 1.0945 prior low.

Gold Aug Contract (GC, ETF: (GLD))
Thursday’s gap up was retraced enough to fill the gap back down to Wednesday’s close before reversing up above the 1325.50 buy signal to test 1330.00, which recovering through the close could complete a bottom..

Silver Jul Contract (SI, ETF: (SLV))
Bouncing Thursday still needs to recover above 18.75-18.85 to signal momentum is reversing up.

30-year Treasury Sep Contract (US, ETF: (TLT))
Lower lows Thursday morning finally tested the lower-end of the pullback’s 170-16/171-08 target area. Its fuller test wasn’t required, and it was probed under 170-00, but that allowed lowering the buy signal to 171-22 — which was attacked into the afternoon.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Still holding the 46.05 bounce limit overnight (45.25 basis Aug) was reversed by late-morning Thursday to test Wednesday’s 45.00 opening gap, still targeting 43.80 (43.00 basis Aug).

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Greeting Thursday morning’s EIA report after testing the 2.65 pullback limit overnight was still a position of weakness, but at least it could be an oversold position of weakness. The news didn’t push price lower, but a recovery hasn’t yet emerged.

Posted in Bigger Picture, Daily Spot, members-only