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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | September 7, 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))
Friday morning’s high will likely hold its retest by Tuesday’s surge, but probably not without first probing higher intraday to test 1.1300. Wednesday didn’t probe positive territory at all, but the setup remains intact.

Gold Dec Contract (GC, ETF: (GLD))
Probing slightly higher after Tuesday’s close didn’t use all available room up to 1361.00, and closing Wednesday back in negative territory helps to maintain the bounce’s label as being only corrective. Back under 1343.00 would signal the trend reversing back down.

Silver Dec Contract (SI, ETF: (SLV))
Already dipping into Wednesday’s open extended down to test its 19.85 pullback limit. Closing under 19.75 would signal the trend reversing back down to retest recent lows.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping up Wednesday to the sloppy, choppy range’s 171-02 buy signal and probing above it was nevertheless reversed to fill the gap back down to Tuesday’s 170-21 close. Closing negative would make the setup bearish, reversing momentum down under 170-00. Otherwise, it may be a warning shot, clearing the path for a more productive surge that puts into play 176-10.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Not rejecting the 44.20 bounce limit’s repeated tests had left the door open to retesting Sunday night’s 46.53 high, or to at least attacking it up to 45.80. Gapping up Wednesday did extend higher, and closing Thursday back under 44.20 would signal the decline has resumed. EIA is reporting this week on Thursday due to the holiday.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
The four-day sequence greeting Wednesday’s session did not fulfill its likely recovery from probing negative territory intraday. The setup did play-out overnight — recovering from 2.69 up to 2.74 — but repeating it intraday fell to 2.66. Closing back above 2.71 would reverse momentum back up, and avoid yet another lower close. But Thursday’s EIA report is otherwise being greeted from a position of weakness.

Posted in Bigger Picture, Daily Spot, members-only