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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | June 14, 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))
Spiking up Wednesday to retest 1.1285 resistance at the highs was retraced to 1.1255 support, which must hold to avoid quickly fulfilling the lower close already required.

Gold Aug Contract (GC, ETF: (GLD))
Barely recovering 1268.50 Tuesday wasn’t as strong as would have been recovering 1269.50, too
spike up at Wednesday’s open through the 1272.50 buy signal extended to attack 1282.00. It wasn’t all maintained coming out of the FOMC news. But a second consecutive higher close Thursday would confirm a probe above 1300.00 is in0-play.

Silver Jul Contract (SI, ETF: (SLV))
Gapping up Wednesday to 16.90 created an island of Tuesday’s session. It also extended sharply higher to test 17.35. Filling two gaps along the way neutralized their attraction, and neutralizing the low’s oversold condition that could have been helpful to leveraging a reaction to the news. Regardless, closing higher again Thursday would confirm an upleg underway targeting 17.90.

30-year Treasury Sep Contract (US, ETF: (TLT))
The support test of 153-29 resolved up sharply Wednesday, surging 2 points to new highs at 156-05 ahead of the FOMC policy statement. No sell signal would be calculable at new highs. But closing back under 155-04 would signal that the rally isn’t gaining traction.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Having filled the Monday’s opening gap above at 46.49, last Wednesday’s 45.29 opening gap below became the new attraction. Spiking down quickly fulfilled it and consolidated at fresh lows around 44.55. Back above 46.20 would signal the low is in and momentum has reversed up.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Dipping back down to fresh lows Wednesday recovered back above prior lows intraday. That was retraced to produce a fresh low close, and to delay a bottom at least one more day.

Posted in Bigger Picture, Daily Spot, members-only