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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | July 14, 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))
Having held the 1.1450 pullback limit Thursday, Friday morning’s econ reports easily triggered a surge attacking 1.1510-1.1525 resistance. Holding its test enables closing under 1.1450 to signal the trend reversing down.

Gold Aug Contract (GC, ETF: (GLD))
Gapping up Friday back above the 1219.00 sell signal avoided confirming Thursday’s shallow close under it. Back under 1222.00 would now signal new lows. Otherwise, this bounce can extend to 1236.00 or 1243.00.

Silver Sep Contract (SI, ETF: (SLV))
Thursday’s dip was extended overnight to test the 15.55-15.60 pullback limit before rallying into Friday’s close, and gapping up to recent highs at 16.00. Holding above 15.75 now allows extending higher to 16.30 or 16.70.

30-year Treasury Sep Contract (US, ETF: (TLT))
Initially surging in reaction to Friday’s econ reports formed a gap up to 152-12 that surged through Thursday’s highs up to 153-16. Its reaction retraced back down to the 152-12 opening print. “Another warning shot across the bow” at sellers? No further backing-and-filling is needed before resuming the recovery.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s open and Thursday’s close were both at 46.00, preventing it from signaling a rally underway. That didn’t prevent fresh highs Friday morning from testing 46.75. Closing back under 46.00 would be the first step to allowing a more durable bottom to form, but this continues regardless to be a bottoming pattern.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Dipping overnight to 2.92 essentially retested the gap back down to Monday’s close, Friday’s open was at Thursday’s low, and firmed from there. No further backing-and-filling is required to form a bottom, so any early strength Monday would be credible for extending higher intraday.

Posted in Bigger Picture, Daily Spot, members-only