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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | June 22, 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))
Extending the bounce to its 1.1225 is now vulnerable if not also likely to reversing down through 1.1200 to begin signaling a new downleg underway. Closing above 1.1255 would target at least a retest of recent highs.

Gold Aug Contract (GC, ETF: (GLD))
Two days of not extending the confirmed breakout should be enough pause in the decline. Complying with this schedule would require Thursday’s gap up to reverse down immediately and possibly also relentlessly.

Silver Jul Contract (SI, ETF: (SLV))
Rallying overnight expended all available buying pressure within the context of a two-day pause to resuming the confirmed breakout’s downtrend Thursday.

30-year Treasury Sep Contract (US, ETF: (TLT))
Holding the 155-28 pullback limit Wednesday helped to keep alive the 156-24 target, which was tested overnight and into Thursday’s open. It was actually tested to actually to within 1 tick, which suffices.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Firming Thursday off of Wednesday’s new low and avoiding another lower close is a credible start to forming a bottom. Friday would be premature to begin rallying, and would likely be reversed to retest the low.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report triggered a spike down to 2.88 prior lows. Its reaction spiked back up to test the 2.95 buy signal. Triggering it now would complete a durable bottom.

Posted in Bigger Picture, Daily Spot, members-only