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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | July 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))
Wednesday’s FOMC news came after intraday weakness had filled the gap back down to Friday’s 1.0985 close. Its reaction spiked up above multi-session highs, and gapped up Thursday to test the most recent trendline break at 1.1130. Extending above 1.1145 would signal a bigger rally underway, but back under 1.1045 would signal the corrective bounce had ended already.

Gold Aug Contract (GC, ETF: (GLD))
Reacting favorably to Wednesday’s FOMC news had already extended well above the 1325.00 and 1329.50 buy signals. Firming further overnight probed higher Thursday to 1344.50. Its post-open reaction trended back down to attack the 1329.50 pullback limit, but any second consecutive higher close confirms the the recovery’s momentum remains intact.

Silver Sep Contract (SI, ETF: (SLV))
Already reacting favorably to Wednesday’s FOMC news, higher highs overnight further extended the break above the 19.75-19.85 buy signal to pierce the 20.55 2-week old high. Post-open action trended back down, needing only a second consecutive higher close to confirm the breakout’s momentum remains intact.

30-year Treasury Sep Contract (US, ETF: (TLT))
Wednesday’s second consecutive close above the 171-22 buy signal extended higher overnight to test the next pattern’s 173-04 signal whose recovery confirms 176-10 is in-play.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Trending down to fresh lows Thursday helps to confirm the pattern’s next objective of 36.60 is in-play  Bounces should now hold 42.25-42.50..

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Although not greeting Thursday’s EIA from a position of strength, at least all available selling pressure had been expended down to 2.65 without gaining any traction for the effort, i.e. breakout. The report’s reaction was immediate, surging to test 2.80-2.85 whose recovery through the close signals a new rally leg underway.

Posted in Bigger Picture, Daily Spot, members-only