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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | September 2, 2016 - 1:11 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))
The favorable knee-jerk reaction to Friday’s payrolls report was retraced immediately, and reversed into negative territory to confirm the bounce from Wednesday’s close was likely only a temporary correction..

Gold Dec Contract (GC, ETF: (GLD))
Closing Thursday above 1315.70 had indicated a much bigger detour on the way to targets under 1300.00. Friday’s spike up in reaction to payrolls touched 1334.00 before reversing back down. Just closing under 1332.00 maintains the decline, and under 1329.00 suggests it is extending back down without further delay.

Silver Dec Contract (SI, ETF: (SLV))
Spiking up on Friday’s payrolls extended to nearly fill one outstanding gap above. Often gaps are filled in pairs, so actually filling the 19.45 gap would likely extend to 19.85. Not filling the first gap leaves the decline vulnerable to resuming, at least to probe fresh lows inn tandem with Gold so a durable bottom could form.

30-year Treasury Dec Contract (US, ETF: (TLT))
Friday’s spike up above 171-00 reacted down sharply to 168-25, filling the week-old gap below. It didn’t require being filled, so closing under it would open the floodgates to selling. It is otherwise one last chance to form a base that launches a recovery.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up on Friday’s payrolls report immediately tested the 43.90-44.20 bounce limit, probing it intraday to almost fill a gap outstanding at 44.60. Regardless, at least an eventual third lower close remains outstanding from Wednesday’s confirmed breakout.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Thursday’s drop back under the 2.72 sell signal didn’t extend down Friday. Optimally, the dip would be rejected altogether by recovering sharply if 2.72 were holding as support. Closing only slightly lower Friday would be only tepid confirmation of Thursday’s break.

Posted in Bigger Picture, Daily Spot, members-only