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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | June 26, 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))
Friday’s reaction down from the 1.1255 buy signal to what had been the 1.1225 bounce limit was recovered entirely into Monday’s open. Trying to extend higher was sloppy, and not very successful. Now 1.1225 is a sell signal, and its break would target fresh lows.

Gold Aug Contract (GC, ETF: (GLD))
Thursday and Friday sessions had avoided extending their gaps up, but not fully retracing or reversing them to fulfill the pattern’s ultimate resolution. Sunday night’s “fat finger” plunge compensated for the delay, probing fresh lows. The decline’s 1235.00 target was only attacked and remains outstanding.

Silver Jul Contract (SI, ETF: (SLV))
Thursday and Friday sessions had avoided extending their gaps up, but not fully retracing or reversing them to fulfill the pattern’s ultimate resolution. Sunday night’s “fat finger” plunge compensated for the delay, probing fresh lows. The decline’s 16.25-16.30 target was met, but could be retested intraday before any buy signal is credible.

30-year Treasury Sep Contract (US, ETF: (TLT))
Still hovering at the extended rally’s 156-24 target broke higher Monday morning to 157-08. So long as 156-20 holds as support, the rally could extend up to 157-20 if not also to 158-20.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Probing Sunday night above the 43.40 buy signal was retraced before Monday’s open back under the buy signal. It was retested at noon, where price hovered into the afternoon. Extending any higher would target 44.90, albeit still needing one more dip to complete a bottom pattern.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Sunday night’s gap up above the 2.95 buy signal was maintained overnight, and then extended higher Monday morning to 3.02. A pullback has room down to 2.95-2.97 without reversing momentum down, although a second consecutive higher close Tuesday would make a pullback likelier to recover.

Posted in Bigger Picture, Daily Spot, members-only