Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the disable-gutenberg domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/jwl23/public_html/rd.johnlander.me/wp-includes/functions.php on line 6131
Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | July 29, 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))
Thursday’s second consecutive higher close above recent prior highs has already produced its required third higher close with Friday’s gap up that extended higher through the morning to 1.1219. Back under 1.1150 would signal the rally had ended.

Gold Aug Contract (GC, ETF: (GLD))
Friday trended up from the open, retracing Thursday’s post-open session-long retracement from 1344.00, and extending to test 1351.50. This fulfills the minimum requirement for at least a third higher close after Tuesday’s confirmed breakout. Pullbacks holding 1342.50 allow the rally to extend to 1365.00 and potentially also to 1386.00.

Silver Sep Contract (SI, ETF: (SLV))
Thursday’s post-open session-long retracement wasn’t rejected Friday as price action only fluctuated choppily in positive territory. This didn’t qualify for fulfilling the minimum requirement of at least a third higher close, let alone the retest of Brexit’s 21.15 reaction peak.

30-year Treasury Sep Contract (US, ETF: (TLT))
Having produced the required third higher close Thursday from Tuesday’s confirmed breakout at 171-22, closing above 173-04‘s buy signal needed confirmation Friday from its own second consecutive higher close — which was likely for having probed 1 point above it into the afternoon.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh lows overnight tested 40.55 before bouncing Friday to test 41.65 as resistance, still having room up to 42.25-42.50 for maintaining this leg’s 36.60 objective.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Thursday’s strong reaction to its EIA report was extended only slightly higher Friday to test 2.92, but still closed positive to confirm that at least a third eventual higher close is now required. The gap back up to the 2.98 high close is an attraction, but its test is likely to be exceeded..

Posted in Bigger Picture, Daily Spot, members-only