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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | July 3, 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))
Gapped down Monday under its 1.1450 pullback limit to test 1.1400 whose break would signal the trend reversing down. Filling the gap back up to 1.1475 first would make a trend reversal more credible.

Gold Aug Contract (GC, ETF: (GLD))
Reacting up through the week avoided fulfilling the 1235.00 target that was only attacked during last Sunday’s “fat-finger” plunge. Sliding into the weekend extended down sharply Sunday night to fulfill the target, which was probed Monday morning down to 1220.50.

Silver Sep Contract (SI, ETF: (SLV))
Last Sunday’s overnight “fat-finger” plunge had reacted up sharply from testing its 16.35 target, retracing entirely to test the 16.75 prior high up to 16.85 Thursday. But the trend never reversed up, and the weekend was greeted in decline. Sunday night’s plunge extended to retest the prior low, and trended deeper through the morning to attack 16.00.

30-year Treasury Sep Contract (US, ETF: (TLT))
Probing lower Sunday night needed to close above 154-02 to suggest the drop’s momentum had lapsed. But Monday morning probed fresh lows down to 152-28. Lower-prior highs from late-May offer potential for launching a bounce back up to 155-04.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Having extended Friday above Thursday’s test of the 45.25 target to 46.00, Sunday night also extended higher to test 46.85 Monday morning. And there’s room up to 47.00 before closing back under 46.00 would signal a quick temporary dip targeting 43.40.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Thursday’s knee-jerk reaction up had been retraced to suggest the “lower prior highs” down to 2.95 would be tested so the bottoming pattern could complete. Friday’s dip had stopped 3 cents short before bouncing, but Sunday night gapped down to 2.95 and rallied through Monday’s open. Filling the gap back up to Friday’s 3.05 close reacted back down to attack 2.95.

Posted in Bigger Picture, Daily Spot, members-only