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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | October 5, 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))
Similar to the follow-through from Friday’s gap down and intraday recovery, the next session only ranged narrowly, remaining under 1.1265 resistance. Not extending the recovery higher continues to suggest the dips are chipping away at support before extending down.

Gold Dec Contract (GC, ETF: (GLD))
Fresh lows Wednesday fulfilled the next lower objective at 1266.00 by $2. Closing under Tuesday’s low is a second consecutive lower close that now requires at least an eventual third lower close before any recovery could be durable.

Silver Dec Contract (SI, ETF: (SLV))
Wednesday’s fresh lows under 17.60 can extend lower so long as 17.85 holds bounces. Otherwise, closing back above 18.00 would start to signal momentum reversing up, at least initially for a sizeable bounce.

30-year Treasury Dec Contract (US, ETF: (TLT))
The two-week old low’s consolidation was probed more deeply Wednesday down to 165-09. But just closing back above 165-20/165-30 maintains that this week’s drop can be only a temporary correction. Firming Thursday would allow Friday’s Employment Situation report to be greeted from a position of strength and momentum.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fulfilling the rally’s 49.00 target did not end the upside momentum, especially so long as pullback limits are held. Wednesday’s gap up now raises the pullback limit to 48.35.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Gapping down slightly Wednesday was optimal for restraining optimism of Tuesday’s intraday recovery from initially probing negative territory. The pattern repeated itself Wednesday, recovering back into positive territory again. Filling the gap back up to 3.04 without closing decisively above it would be vulnerable to an initially negative knee-jerk reaction down on Thursday’s EIA report, but the pattern remains likely to recover.

Posted in Bigger Picture, Daily Spot, members-only