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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | July 14, 2015 - 2:34 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))
Monday”s test of 1.1000 support was probed slightly overnight before bouncing into Tuesday”s gap up. Filling the gap back down to 1.0935 remains in-play, so the bounce quickly peaked upon attacking 1.1100 and reversed back down to 1.1000 support.

Gold Aug Contract (GC, ETF: (GLD))
Having recovered only to 1158.50 Monday but no higher, Tuesday”s narrowly ranging inside day reinstates the potential for trending through 1158.50 and 1163.00 to signal a new rally leg..

Silver Sep Contract (SI, ETF: (SLV))
Monday”s low was pierced overnight but Tuesday”s intraday range was otherwise an inside day. Its downward bias would make a surge through 15.45 credible to gain traction.

30-year Treasury Sep Contract (US, ETF: (TLT))
Narrow ranging Tuesday around Monday”s close didn”t qualify as the fresh low, which is still needed at 148-08 or lower, before a buy signal would be credible any lower than 150-24.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
An overnight dip in reaction to the Iran treaty”s announcement was recovered back to 52.00 support before Tuesday”s open. But that still wasn”t reversed up to even attack the 54.30 buy signal, making fresh lows targeting 48.00 increasingly possible.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Probing higher overnight tested 2.93 at Tuesday”s open before reversing down intraday to test 2.83 as support. The pattern shouldn”t require any further backing-and-filling before extending to probe above 3.00.

Posted in Daily Spot