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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | July 7, 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))
Reacting down to Friday’s Employment Situation report held the 1.1400 that has filled one gap above, and still needs to fill the high close’s gap at 1.1480 for a credible downleg to begin.

Gold Aug Contract (GC, ETF: (GLD))
Probing briefly overnight under 1220.00-1224.00 to 1218.50 was trying to recover before Friday’s Employment Situation report triggered a drop to fresh lows at 1206.50, within $2 of another potential bottom.

Silver Sep Contract (SI, ETF: (SLV))
A flash-crash Thursday night caused a temporary spike down that fulfilled the decline’s 15.55-15.60 target. Reacting up to attack 16.00 into Friday’s open was reversed down to fresh lows under 15.35 through the morning. There is no active signal.

30-year Treasury Sep Contract (US, ETF: (TLT))
Lower lows Friday in reaction to the Employment Situation report weren’t so substantial to allow lowering the 152-20 reversal signal or its 153-00 confirmation.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s gap down to 44.90 extended sharply lower to test 44.25 by almost 50 cents. The backing-and-filling down to the 43.40 area has likely begun, so that a more durable bottom can finish forming.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Rallying overnight gapped up to what is now resistance at 2.95 was reversed down through Friday morning to  fill the gap back to Thursday’s 2.88 close, still leaving the gap back down to Wednesday’s 2.85 close to be filled so that a rally can be credible.

Posted in Bigger Picture, Daily Spot, members-only