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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | July 24, 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))
Gapping down Monday to the 1.1650 target that Friday had exceeded does suggest the probe above it was a blow-off top. Meanwhile, potential to 1.1730 wasn’t fulfilled by extending Friday’s rally, suggesting that a top is now forming.

Gold Aug Contract (GC, ETF: (GLD))
Probing higher Sunday night extended Monday to within $1 of the 1259.70 target. Reacting down intraday filled the gap back down to Friday’s close, but didn’t reverse momentum down.

Silver Sep Contract (SI, ETF: (SLV))
Firming overnight helps to confirm the 16.70 target remains intact. It also enabled a gap up to help absorbe post-open selling pressure without damaging the rally’s chart.

30-year Treasury Sep Contract (US, ETF: (TLT))
Flat-to-lower ranging Sunday night extended down Monday to 154-05, but didn’t reverse the trend down, as 155-06 remains in-play.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Firming Sunday night needed to close back under 46.25 for optimal confirmation the reaction down remains intact, and it was still being tested into the close. Breaking lower would next target 45.15 and probably its break, too.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Having extended back under both recent gaps at 3.05 and 3.02, a retest of 2.92 became likelier. Sunday night essentially opened there and then probed lower Monday morning. Closing above 2.95 would trigger the next upleg, but closing first under 2.88 would make a recovery unlikely.

Posted in Bigger Picture, Daily Spot, members-only