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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | September 9, 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))
Thursday’s key reversal from probing above 1.1300 was immediately productive, trending down overnight to gap down Friday, and to extend down lower intraday. Closing under 1.1225 confirms momentum has reversed down.

Gold Dec Contract (GC, ETF: (GLD))
Friday’s open was still struggling to let go of the 1343.00 sell signal that was being overlapped at Thursday’s close. Selling pressure was relentless and eventually succeeded to drop more decisively intraday, testing 1334.50 whose break would confirm momentum has reversed down.

Silver Dec Contract (SI, ETF: (SLV))
Thursday’s break under the 19.75 sell signal had extended down overnight, which persisted through Friday morning to test 19.35, whose break would help to confirm that momentum has reversed down.

30-year Treasury Dec Contract (US, ETF: (TLT))
The very productive sell signal that triggered Thursday under 170-00 was extended down sharply overnight after holding a test of the 168-22 bounce limit. Gapping down and trending lower tested 167-28. The second consecutive lower close confirms a breakout that now requires at least an eventual third lower close — potentially to 165-20 / 165-30 — before a recovery would be credible.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s test of 47.55 resistance reacted down sharply overnight, and Friday’s gap down to its 46.80 pullback limit extended lower throughout the morning to attack the 45.80 sell signal. Its break is likely so long as bounces now hold tests of 46.55.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Already probing only slightly higher overnight, Friday’s session didn’t so much close higher as much as maintain the firming up to 2.82. Not an optimal second consecutive higher close, so not optimal confirmation of Thursday’s breakout from the four-day sequence preceding it.

Posted in Bigger Picture, Daily Spot, members-only