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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | August 12, 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))
Spiking up Friday to a fresh high was ambitious, especially after Thursday’s open and close each had broken under the 1.1175 pullback limit to end upside momentum. Indeed, the spike up was soon being retraced. Closing back under 1.1175 could now serve as a sell signal, initially targeting 1.1105.

Gold Aug Contract (GC, ETF: (GLD))
Spiking up $17 Friday morning had originated from an inappropriate spot. Despite probing a fresh high, it was likely to fail. Not necessarily the same day, although it did, consolidating at 1357.00 until an $18 plunge tested 1338.50. The 1332.00 objective remains in-play.

Silver Sep Contract (SI, ETF: (SLV))
Friday’s spike up was premature for the recovery that still targets a retest of the 21.15 post-Brexit high. Its reaction down intraday was sudden, steep and substantial, probing under almost all prior lows down to 19.69, and stopping optimistically short of yet filling the gap back to Tuesday’s opening gap down.

30-year Treasury Sep Contract (US, ETF: (TLT))
Thursday’s 61.8% retracement of the last upleg was proved to be only a correction by gapping up and extending to a fresh high at 173-30. Its reaction down tested support at what had been the 173-04 and 172-26 buy signals triggered by the last upleg. Closing above at least one would keep alive the recovery’s momentum.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s rally back up to the 43.35 bounce limit was still overlapping it at the close. Friday barely delayed extending higher, although not aggressively. Recovering it through the close would suggest the decline had ended for awhile, subject to confirmation from a second consecutive higher close. Otherwise, back under pivotal uptrending support that now coincides around 42.50 would target new lows.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Gapping up Friday within Thursday’s range doesn’t require filling the gap back to Thursday’s close. Fluctuating around Thursday’s high up to 2.62 doesn’t require extending higher. But almost any early strength Monday would be credible for extending higher intraday.

Posted in Bigger Picture, Daily Spot, members-only