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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | June 27, 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))
Favorable comments overnight by ECB Chief Draghi triggered a surge through the 1.1255 buy signal and the 1.1270 peak of Monday’s test of it, extending sharply higher to 1.1388. No second consecutive higher close would suggest a deeper pullback underway.

Gold Aug Contract (GC, ETF: (GLD))
Sunday night’s plunge had been retraced considerably to 1253.80 by Tuesday’s open but not entilrely, still not yet testing the decline’s 1235.00 target either overnight or intraday. Closing higher Wednesday would be premature.

Silver Jul Contract (SI, ETF: (SLV))
Sunday night’s plunge had been retraced almost entirely by Tuesday’s open up to 16.70, not yet having tested the decline’s 16.25-16.30 target intraday. Closing higher Wednesday is possible, but not optimal while still not having retested Sunday night’s low.

30-year Treasury Sep Contract (US, ETF: (TLT))
Monday’s night dip to the 156-20 pullback limit extended down sharply to open under 156-14 and to slide much deeper to 155-07. This tested the two-week old consolidation’s lows. Extending down immediately would be the product of new sponsorship, and so it would be credible for targeting 154-16. Not extending down immediately would be credible for recovering.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday night’s high already probed above Sunday night’s 43.65 high, making the attempt likely to extend higher intraday. Fresh highs up to 44.44 suggest the 44.90 bounce target is in-play.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Extending higher overnight to 3.06 had pulled back to open flat, then recovered back up to overnight highs. A second consecutive higher close Wednesday would confirm a bottom has been sealed.

Posted in Bigger Picture, Daily Spot, members-only