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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | September 28, 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 Dec Contract (EC, ETF: (FXE, UUP))
Tuesday’s break back under its 1.1265 sell signal had not extended through the close, but Wednesday’s follow-through did. And the second consecutive lower close confirms that at least an eventual third lower close is outstanding.

Gold Dec Contract (GC, ETF: (GLD))
Extending Tuesday’s steep drop to 1321.00 both confirmed the break from a multi-session range, as well as broken under 1329.00-1332.00 support. At least an eventual third lower close is required, probably as part of a larger downleg, which is targeting 1296.00-1297.00 so long as 1332.00 is not recovered.

Silver Dec Contract (SI, ETF: (SLV))
Tuesday’s confirmation of Monday’s 19.75 sell signal was extended on Wednesday, fulfilling the setup’s minimum required third lower close. The decline’s momentum remains intact so long as 19.35 is not recovered.

30-year Treasury Dec Contract (US, ETF: (TLT))
Wednesday’s open was still not rejecting Tuesday’s confirmation of Monday’s breakout, making higher highs likelier sooner, rather than later, Its 170-02 was tested at Wednesday’s high. Momentum doesn’t reverse down so long as 169-06 holds as support.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Initial firming Wednesday on bullish OPEC headlines was extended to test 44.80 in reaction to the morning’s EIA report. That filled the gap back up to Monday’s close, enabling a steep reaction back down to attack Friday and Tuesday’s 44.20 lows. The retracement was recovered to 46.00 when another OPEC headline triggered a sure to 46.70, back above last week’s highs. A higher close remains outstanding, likely to test 49.00.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Gapping down Wednesday retested the 2.93 “lower prior highs” that had held Friday’s lows, and which already had produced Monday’s bounce. The retest down to 2.90 seems to have held by bouncing to 2.95, which maintains the recent dip as being only a temporary pullback.

Posted in Bigger Picture, Daily Spot, members-only