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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | July 25, 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 gap up probed Friday’s 1.1718 high and the 1.1730 minimum objective of its retest. Trending back down nearly filled the gap back down to Monday’s 1.1677 close. Tuesday’s high or its gap didn’t require a retest, the objective of its retest was neutralized, and filling the gap below stopped optimistically short. Back under 1.1650 would seal a top and reverse the trend down.

Gold Aug Contract (GC, ETF: (GLD))
The pullback from Monday’s gap up was extended a little deeper overnight to test 1249.00. Tuesday’s opening bounce was retraced for a retest of 1249.00. There’s room down to 1244.00 but not necessary to touch it before a fresh high fulfills the 1259.70 objective.

Silver Sep Contract (SI, ETF: (SLV))
A steep overnight pullback to 16.22 was recovered into and out of Tuesday’s open and extended to a fresh high at 16.60. Its reaction down back under Monday’s high suggests that upside momentum is waning, and back under 16.20 would invalidate the 16.70 objective.

30-year Treasury Sep Contract (US, ETF: (TLT))
Monday’s reaction down from only attacking the 155-06 objective was not in itself bearish. But it didn’t prevent overnight weakness that gapped down Tuesday under 154-28 support and extended back down to test the original 153-00 buy signal. All ahead of the FOMC policy statement. Not already rallying Wednesday morning could require retesting the 151-18 low.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s bounce back up to 46.25 resistance extended higher into Tuesday’s opening test of 47.25, and higher through the morning. Back under 46.25 would signal that topping was resolving down. Otherwise, the next opportunity for launching a downleg is from 48.25.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Extending down to 2.88 Monday allowed the buy signal to be lowered to 2.95. Tuesday’s gap up tested it and hovered there throughout the morning. there is no bullish reason to further delay triggering it and extending higher.

Posted in Bigger Picture, Daily Spot, members-only