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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | August 24, 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 Wednesday under the 1.1295 sell signal now needs a second consecutive lower close on Thursday under 1.1255 to confirm the corrective bounce has ended. Closing under 1.1170 would signal new lows in-play.

Gold Aug Contract (GC, ETF: (GLD))
Wednesday’s gap down to recent lows plunged sharply lower to fulfill the 1329.00-1332.00 target. Closing back above 1336.50 would signal the break was false, likely at least to fill the gap back up to Tuesday’s 1345.00 close. Closing under 1329.00 would instead target 1296.00-1297.00.

Silver Sep Contract (SI, ETF: (SLV))
Tuesday’s shallow bounce was reversed early Tuesday to test the 18.75-18.85 target area’s lower-end. Its break puts into play 18.35, which was tested Wednesday down to 18.55.

30-year Treasury Sep Contract (US, ETF: (TLT))
Wednesday morning’s dip attacked the 171-22 sell signal to within 6 ticks before bouncing back above the 172-16 buy signal. Closing above it would be credible for launching a recovery.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s bounce up to 48.00 resistance reacted Wednesday by gapping back down to 47.45 and extending to Tuesday morning’s 46.60 low. Closing any lower would reinstate the reversal..

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Tuesday’s break above 2.70 extended higher Wednesday’s to test 2.82. The second consecutive higher close confirms the breakout, now requiring at least an eventual third higher close.

Posted in Bigger Picture, Daily Spot, members-only