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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | July 20, 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))
Dipping ahead of Thursday morning’s ECB events tested almost the entirety of 1.1510-1.1525 as support, where any lower would have signaled the trend reversing down. Instead the support test launched a surge to fresh highs, fulfilling the 1.1650 target and extending even higher to 1.1695.

Gold Aug Contract (GC, ETF: (GLD))
Wednesday’s mini-flash crash had tested the original 1236.00 objective as support and recovered up to the 1244.00 objective. Thursday’s retest of the flash crash low was also recovered, to a fresh high above 1247.00 forming an “outside day.” The prior high was still being overlapped. Not immediately reversing back down Friday would signal the recovery is extending, with potential to 1259.75.

Silver Sep Contract (SI, ETF: (SLV))
Initially dipping overnight to retest Wednesday’s mini-flash crash low, Thursday morning recovered back up to more thoroughly test the entire 16.32-16.35 objective’s range. Closing back under 16.15 would signal at least a correction underway.

30-year Treasury Sep Contract (US, ETF: (TLT))
Having rested on Wednesday, Thursday’s requirement to resume the rally was fulfilled by quickly breaking to fresh highs and above 154-02 resistance, extending to 154-22 on the way to the 155-06 target.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
[Rolling coverage forward to Sep which trades at a .20-.25 premium to Aug…] Initially probing above 47.25 Thursday was retraced into the afternoon, still not suggesting a new rally leg has begun. This continues to leave 46.25 as the nearest sell signal.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
The knee-jerk reaction to Thursday’s EIA report blipped-up to a fresh high at 3.11 and then dripped back down to the 3.05 buy signal. Closing above 3.11 would signal the rally is resuming, but I’m not convinced that the gap back down to 3.02 won’t be filled first.

Posted in Bigger Picture, Daily Spot, members-only