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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | June 6, 2017 - 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 Jun Contract (EC, ETF: (FXE, UUP))
Monday’s flat open firmed throughout the day, essentially filling the gap back up to Friday’s close and retesting its test of 1.1285. Any higher would resume the rally, but closing back under 1.1235 would launch a downleg.

Gold Aug Contract (GC, ETF: (GLD))
Gapping up sharply to the next higher resistance range at 1296.50-1298.50 essentially requires probing April’s highs above 1300.00. But the resistance is substantial, and testing it by gapping up often requires backing-and-filling before extending higher. A pullback has room down to 1285.50 while still maintaining the rally’s momentum.

Silver Jul Contract (SI, ETF: (SLV))
Already probing higher at Tuesday’s open, the next higher objective at 17.90 has gotten closer. The steady pace of its attraction doesn’t make downdrafts any likelier, but it does make downdrafts likelier to be relatively shallow and easily recovered.

30-year Treasury Sep Contract (US, ETF: (TLT))
Monday’s backing-and-filling could be dismissed for Friday having fulfilled its longstanding objective and then exceeding it through the close. The pullback still had some room below before recovering, but already extended the rally before Tuesday’s open. Now fresh highs are testing the next higher resistance at 155-10. Closing back under 154-14 would start to signal another reversal down forming.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s probe under Friday’s low down to 46.87 was shallower than would have been optimal for forming a bottom. But it held nonetheless, and now Tuesday afternoon is attacking Monday’s 48.07 high. That’s also nearing the gap back up to Thursday’s 48.15 sell signal. Its recovery would confirm momentum is reversing up, but there should be little if any delay.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Gapping up Tuesday confirms a bottom hasn’t yet formed. That seems counter-intuitive considering the strength, but its sponsorship is weak-handed since it leaves outstanding a gap below wanting to be filled. Neutralizing its attraction would allow a recovery.

Posted in Bigger Picture, Daily Spot, members-only