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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | August 19, 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))
Gapping down Friday only back to Tuesday and Wednesday’s highs around 1.1330 didn’t reverse momentum down. But it did prevent a second consecutive higher close from confirming Thursday’s breakout. And that keeps the door open to reversing momentum down and reinstating the decline targeting a retest of Brexit lows.

Gold Aug Contract (GC, ETF: (GLD))
Gapping back down under 1348.00 Friday once again defended against this wide. sloppy, choppy range from breaking higher, maintaining potential for fresh lows at 1329.00-1332.00.

Silver Sep Contract (SI, ETF: (SLV))
Already having fulfilled the 19.65 target at recent lows didn’t prevent probing fresh lows overnight down to 19.22 and gapping down Friday to test 19.30 intraday. Almost any lower close could send the pattern down to 18.80 or 18.40.

30-year Treasury Sep Contract (US, ETF: (TLT))
Gapping down Friday under 171-26 all but signaled the recent intraday tests of its resistance had held, and that new lows are in-play. All but signaled. Closing back above the prior week’s low after probing under it intraday does maintain potential for recovering 172-16 to launch another rally leg .

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up Thursday and trending through the 46.80-47.60 bounce target to test 48.40 was not rejected Friday. Neither did it extend higher, as the session only ranged narrowly sideways. That leaves open a window for its abrupt rejection back under 46.80. Any shallower dip into the 46.80-47.60 range would still be able to recover and resume the rally.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Gapping down Friday to Thursday’s 2.61 low was a delayed reaction to having maintained the favorable knee-jerk reaction to its EIA report. Probing lower intraday to 2.58 helped to confirm the gap back down to 2.55 would likely be filled, and also probed to new lows at or under 2.50 before another credible rally could begin. Only closing above 2.70 can suggest otherwise.

Posted in Bigger Picture, Daily Spot, members-only