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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | September 8, 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))
Tuesday’s retest of Friday’s 1.1215 spike high had held, but was still likely to test 1.1300 before reversing back down. And 1.1300 was probed Thursday up to 1.1330 in reaction to ECB news, before reversing back down into negative territory under 1.1255. That only filled the gap back to Wednesday’s close, but back under 1.1225 should trigger a much deeper drop.

Gold Dec Contract (GC, ETF: (GLD))
.Simply closing negative Wednesday had signaled the bounce had ended. Closing under 1343.00 would signal momentum reversing down. Presumably, the decline targeting 1296.00-1297.00 has been reinstated, albeit not necessarily in a straight, uninterrupted path.

Silver Dec Contract (SI, ETF: (SLV))
Thursday morning resumed sliding gradually to break under the 19.85 pullback limit that was still being tested at Wednesday’s close, and then to extend under the 19.75 sell signal.

30-year Treasury Dec Contract (US, ETF: (TLT))
There was no bullish reason to dip any deeper Thursday after Wednesday’s false break above 171-02 had already filled the gap back down to Tuesday’s 170-21 close. But Friday’s open gapped down to and through the 170-00 sell signal and extended down sharply to 168-12, proving that support had been chipped away. Holding 168-22 as resistance would allow this leg to extend down to 167-28.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s post-close surge to 45.80 resistance could have served by proxy for retesting Sunday night’s 46.53 high, but it was thoroughly retested overnight anyway. And that greeted Thursday morning’s delayed EIA report, which pushed price much higher to test 47.55. Closing back under 46.15 would start to signal momentum reversing down

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
A couple of factors had suggested the 4th-day reaction of the four-day sequence was only delayed, and that Thursday would behave bullishly to compensate. In fact, the open gapped up above 2.71 and extended intraday to 2.82, needing only to close above 2.74 to signal momentum reversing up.

Posted in Bigger Picture, Daily Spot, members-only