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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | August 25, 2016 - 12:24 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.

SPECIAL NOTE: Today’s issue is published early, and there is no post-market Wrap, due to travel. Thank you!

Eurodollar Sep Contract (EC, ETF: (FXE, UUP))
Gapping up Thursday back above the 1.1295 sell signal that had triggered Wednesday was recaptured by noon. Maintaining its break through the close would keep alive the reversal, and closing under Wednesday’s low would confirm.

Gold Aug Contract (GC, ETF: (GLD))
Gapping down Thursday under all prior lows created “unfinished business below” at its open that would prevent any interim recovery from gaining traction until that opening gap is retested from above. Meanwhile, a second consecutive lower close Thursday would confirm Wednesday’s break out requiring an eventual third lower close. And the current leg is likely targeting 1296.00-1297.00.

Silver Sep Contract (SI, ETF: (SLV))
Thursday morning had not extended lower so much as briefly pierced under Wednesday’s lows. Closing lower would confirm Wednesday’s breakout. Not rejecting the break would keep alive this leg’s 18.35 target.

30-year Treasury Sep Contract (US, ETF: (TLT))
Probing lower to 171-10 Thursday morning reacted back up above 171-22, which must maintain its break to put into play fresh lows under 171-00. A recovery must begin by closing above 172-16, and then also confirmed above 173-04.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday morning showed no greater interest in breaking under Tuesday’s 46.60 low than did Wednesday. It also showed no greater interest in bouncing off of it. Any lower close would be likely to extend down, still needing confirmation from a second consecutive lower close.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report was greeted from a position of strength. Its knee-jerk reaction up was maintained into the noon hour. Closing in positive territory would fulfill the minimum required third higher close created by Tuesday’s confirmed breakout.

Posted in Bigger Picture, Daily Spot, members-only