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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | July 18, 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))
A strong reaction to the US Senate punting on healthcare triggered an overnight surge through 1.1525 that gapped up sharply Tuesday, now targeting 1.1650 so long as 1.1575 now holds as support.

Gold Aug Contract (GC, ETF: (GLD))
Probing higher overnight extended Tuesday morning to attack the next higher objective at 1244.00. Above 1245.50 could extend up to 1260.00, but back under 1234.00 would now target 1222.00.

Silver Sep Contract (SI, ETF: (SLV))
Monday’s static session that didn’t extend its gap up was nevertheless extended Tuesday to test 16.35 resistance. Two consecutive sessions of gapping up are vulnerable to a correction down to 15.95.

30-year Treasury Sep Contract (US, ETF: (TLT))
Slow-playing the retest of the 153-00 buy signal ended Tuesday morning as it broke higher to probe fresh recovery highs at 153-30. Above 154-02 would confirm a much bigger rally underway, next targeting 155-06.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Dipping back down to or toward 46.00 Tuesday essentially confirms the inflection point is no longer predictive. But a break under 44.90 is still needed to signal a retest of the low’s consolidation range so that a durable bottom can form.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Gapping up Tuesday morning all but seals a bottom. Not trending up intraday does keep alive the potential for reactions down to fill gaps or to test “lower prior highs” before extending higher.

Posted in Bigger Picture, Daily Spot, members-only