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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | June 13, 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))
Tuesday didn’t exploit Monday having neutralized an attraction above by filling the gap back to Thursday’s close. Regardless, the pattern is still targeting an eventual third lower close.

Gold Aug Contract (GC, ETF: (GLD))
Probing lower overnight to 1260.50 requires closing Tuesday back above 1268.50-1269.50 to maintain the potential for the current decline to be only a limited pullback, and not a new downleg. Closing above 1272.50 would trigger a recovery.

Silver Jul Contract (SI, ETF: (SLV))
Already having closed under 17.09 — actually, having gapped down to it Monday and then extending lower intraday — the decline extended deeper overnight. Closing back above 17.00 would be the minimum requirement to suggesting a bottom is beginning to develop.

30-year Treasury Sep Contract (US, ETF: (TLT))
Probing slightly lower overnight struggled to maintain a recovery back above the 153-29 pullback limit whose support has been chipped away for several days. Under 153-16 would target 152-24.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s failed gap up extended into negative territory Tuesday morning, until a surge essentially filled the gap back to Monday’s 46.49 opening gap up. Having neutralized the attraction above, the attraction below at Thursday’s 45.29 gap down may inhibit extending higher.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Not already rallying Tuesday morning had made a retest of last week’s lows likely. Tuesday morning’s dive probed fresh lows down to 2.95, which would suffice for completing the low’s retest by closing above 3.02.

Posted in Bigger Picture, Daily Spot, members-only