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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | July 12, 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 surge to the 1.1510-1.1525 target as a false breakout seemed to be confirmed by immediately dipping back to prior highs Wednesday morning. That was in reaction to a catalyst (Yellen’s remarks), and down to 1.1450 support. So, a second consecutive lower close is needed to confirm the trend reversing down.

Gold Aug Contract (GC, ETF: (GLD))
Firming overnight and then surging in reaction to Yellen’s remarks Wednesday tested resistance at 1225.00. Closing back under 1219.00 would signal a move underway to retest the recent 1204.00 low, possibly to 1199.00.

Silver Sep Contract (SI, ETF: (SLV))
Higher highs into Wednesday’s open tested recent highs, the highest levels above 15.55-15.60. while testing resistance that should now trigger a test of 15.55-15.60 as support for a durable bottom to form.

30-year Treasury Sep Contract (US, ETF: (TLT))
Yellen’s remarks Wednesday morning triggered a surge testing 152-20/153-00 that qualified it as relevant. Immediately pulling back to “lower prior highs” at 152-00 would likely form a durable bottom whose next rally leg is credible for launching a recovery. Extending higher first would target 154-02 where a deeper pullback would become likely.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Still overlapping 44.90 resistance at Tuesday’s close didn’t prevent extending higher later in reaction to API, and extending higher overnight for Wednesday’s open to gap up to 46.00. A slightly higher post-open high testing 46.45 reacted down on EIA, filling the gap back to Tuesday’s close. Under 46.00 would signal the low’s retest underway.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Wednesday morning’s dip tested Tuesday’s 2.98 opening gap up as support. It was pierced down to 2.97, which could serve as the pullback low. A complete retracement to 2.95 would be healthier before rallying.

Posted in Bigger Picture, Daily Spot, members-only