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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | July 6, 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))
Gapping up Thursday above 1.1400 buy signal extended up to what had been the 1.1445 pullback whose interim break corrected the rally. At least gaps back to the high up to 1.1485 are likely to be filled.

Gold Aug Contract (GC, ETF: (GLD))
Overnight strength was retraced back down into what is now 1220.00-1224.00 support Thursday to maintain potential for a bigger bounce to 1235.00 and 1243.00 before extending the decline to one more lower low.

Silver Sep Contract (SI, ETF: (SLV))
Flat-to-higher shallow ranging didn’t end the decline’s momentum, especially so long as bounces hold 16.20 so the next lower objective at 15.55-15.60 can remain in-play.

30-year Treasury Sep Contract (US, ETF: (TLT))
Two days of testing late-May’s “lower prior highs” didn’t prevent probing lower Thursday. Closing back above 152-20 would star to suggest the decline had ended, yet to be signaled back above 153-00 and 153-18.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s drop was retraced back up to 46.00 resistance into Thursday’s open. The morning’s EIA report pushed another 50 cents higher. But an early-afternoon reversal to unchanged filled the gap back down to Wednesday’s close.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Gapping up a nickel Thursday was inappropriate for immediately reversing momentum up, leaving the gap outstanding back down to Wednesday’s 2.85 new low close. Muted reaction to the morning’s EIA report avoided filling the gap, let alone holding it. Probing it Friday and recovering to close positive would signal a bottom is forming.

Posted in Bigger Picture, Daily Spot, members-only