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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | June 21, 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 Sep Contract (EC, ETF: (FXE, UUP))
Firming Wednesday up to 1.1210 still has room up to 1.1225 while still being only a corrective bounce that remains likely to reverse into a new downleg.

Gold Aug Contract (GC, ETF: (GLD))
Firming further Wednesday has now corrected enough for the decline to resume, yet to fulfill the confirmed breakout’s third lower close, and its next lower at objective 1235.00.

Silver Jul Contract (SI, ETF: (SLV))
Firming further Wednesday has now corrected enough for the decline to resume, yet to fulfill the confirmed breakout’s third lower close, and its next lower at objective 16.25-16.30.

30-year Treasury Sep Contract (US, ETF: (TLT))
Firming slightly overnight stopped short of the 156-24 target before dipping Wednesday morning to touch the 155-28/155-30 pullback limit. Dipping first now allows an RSI comparison to be made while retesting the prior high on the way to fulfilling the target.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Blipping-up Wednesday morning in reaction to EIA barely touched the 44.20-44.90 bounce limit before quickly reversing down under Tuesday’s 43.00low to 42.05.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Initially firming Wednesday only touched the 2.95 bounce limit whose recovery was unlikely without a more substantial base first forming. Reacting back down to the 2.88 low is a start. Thursday’s EIA report isn’t being greeted from the position of strength that would have been reliable for launching a recovery, but rallying through the close would be credible.

Posted in Bigger Picture, Daily Spot, members-only