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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | September 30, 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 confirmed break under the 1.1265 sell signal had made Thursday’s bounce up to 1.1285 likely to fail. And it did, retracing intraday and trending down sharply overnight to test 1.1190. But Friday’s big gap down has reversed right back up to Thursday’s high at 1.1290. Still testing 1.1265, the pattern remains defensive, if not impatient.

Gold Dec Contract (GC, ETF: (GLD))
Gapping up and surging Friday attacked the upper-end of the 1329.00-1332.00 bounce limit. The limit held, and the session reversed back down sharply to fresh lows at 1316.00. More than a bounce limit, the pattern now has little if any tolerance for any more bouncing before resuming its decline.

Silver Dec Contract (SI, ETF: (SLV))
Friday’s open gapped up and extended sharply higher to test its 19.75 sell signal, probing above its 19.35 bounce limit. They held their test, reversing price down to fill the gap back to Thursday’s 19.18 close.

30-year Treasury Dec Contract (US, ETF: (TLT))
Recovering into Friday’s open attacked the rally’s 170-02 to within 1 tick. But that was reversed to probe back under Thursday’s 168-09 low down to 167-30. Both dips tested the 168-22 pullback limit, whose recovery through Friday’s close would suggest the rally is ready to extend higher.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))0
An overnight dip attacking 47.00 held the 47.45 pullback limit Friday and recovered to attack Thursday’s ~48.30 high, keeping alive the 49.00 target.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Dipping even deeper ahead of Friday’s open wasn’t rejected intraday as it tested 2.89. This extended stage of the pullback must rally aggressively to avoid much deeper pullback being underway. So, every tick that isn’t rallying aggressively is essentially signaling that momentum has reversed down.

Posted in Bigger Picture, Daily Spot, members-only