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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | June 29, 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))
Tuesday’s breakout from a multi-session range was already substantial. So was Wednesday’s confirmation. That didn’t prevent extending higher still on Thursday. But Thursday’s higher close does fulfill the confirmed breakout’s minimum objective, so a reaction down has become likely.

Gold Aug Contract (GC, ETF: (GLD))
Dropping $9 to 1239.70 into Thursday’s open stopped short of the 1235.00 target before reacting up to the 1246.50 bounce limit. Holding its test as resistance maintains the 1235.00 target.

Silver Sep Contract (SI, ETF: (SLV))
[Rolling coverage forward to Sep which trades at a 10-cent premium to Jul] Sliding at Thursday’s open filled the gap back down to Tuesday’s 16.65 close, which had launched Wednesday’s gap up to the highs. The decline’s 16.35 target was already met Sunday night.

30-year Treasury Sep Contract (US, ETF: (TLT))
Sharply lower lows overnight for a third consecutive session tested the decline’s 153-28/154-02 objective down to 153-18. The 154-16 buy signal was attacked to within 4 ticks, still needing at least a consolidation before a recovery would be credible.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s attack on the 48.90 target had formed an Ascending Triangle with its target being 49.25. It was tested before Thursday’s open and probed intraday by 20 cents before dipping back under 44.90. A corrective pullback to 43.40 is likely, and would help to seal a bottom.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
The initial ultimate reaction to Thursday’s EIA report probed above Wednesday’s high to 3.12, which had been the confirmation for Tuesday’s breakout. Its reaction down avoided fulfilling the minimum objective of a third higher closer, which suggests a corrective pullback to 2.95 before extending the rally.

Posted in Bigger Picture, Daily Spot, members-only