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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | October 4, 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))
Repeating Friday’s gap down under prior lows also repeated Friday’s dramatic recovery back above 1.1265. A little less so on Tuesday, reacting down from filling the gap back up to Monday’s close. Regardless, the trend remains down so long as 1.1265 is not recovered.

Gold Dec Contract (GC, ETF: (GLD))
Gapping down and then plunging at Tuesday’s open quickly fulfilled the longstanding 1296.00-1297.00 target, probing under it down to 1283.60. But consolidating there resolved down sharply, too, to 1269.00, next targeting 1266.00 so long as bounces hold 1293.00-1294.50.

Silver Dec Contract (SI, ETF: (SLV))0
The longstanding retest of 18.45 was met soon after Tuesday’s initial opening plunge. Then it was probed considerably down to 17.75. Bounces have room up to 18.25 whether maintaining the decline’s momentum or forming a bottom

30-year Treasury Dec Contract (US, ETF: (TLT))
Although Monday’s narrow ranging around Friday’s 167-30 low had only failed to reject its dip, and did not actually signal extending down, Tuesday did extend down to sharply lower lows at 166-12. This tests natural support back down to “lower prior highs” of the original bottoming pattern, and back above 167-00 would signal the pullback had ended.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Having met its 49.00 target after Monday’s close, and then retesting it eventually Tuesday morning. The test held as resistance, but it was not rejected, and there is no change to the 47.95 pullback limit.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Recovering Monday from filling the next lower gap still needed to hold a retest of Monday’s low for any credible bottom to form so quickly. Tuesday’s low only retested the 2.88 gap before reversing up sharply into positive territory at 2.97. That’s bullish enough to suggest that any initial follow-through Wednesday not gapping up significantly would be credible for extending higher intraday.

Posted in Bigger Picture, Daily Spot, members-only