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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | July 28, 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))
Still testing above the 1.1735-1.1755 objective Friday, and retesting its room for noise up to 1.1810. Another negative close would confirm the topping pattern, with a close under 1.1650 launching the reversal down.

Gold Aug Contract (GC, ETF: (GLD))
Holding the 1257.00 pullback limit enabled the rally to exceed its 1259.70 target, which is the new pullback limit. Closing under it would reverse the trend down.

Silver Sep Contract (SI, ETF: (SLV))
Closing Thursday around the 16.60 pullback limit avoided its failure. But Friday’s strength stopped short of filling Thursday’s 16.78 gap up, which should still be tested before any durable downleg could begin.

30-year Treasury Sep Contract (US, ETF: (TLT))
Friday’s weaker open was reversed back up sharply in reaction to the morning’s econ reports. The 152-26 buy signal was triggered on the way to attacking the 153-16 inflection within 1 quarter-point. Also for having filled the gap back up to Wednesday’s 153-24 close, there is no bullish reason to further delay the recovery from extending.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Still avoiding a reversal down allowed Friday to continue firming toward the next higher objective at 50.10. Any interim dip has room down to 47.25 without reversing the trend down.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Thursday’s restrained optimism above its 2.95 buy signal was constructive, but it can’t persist indefinitely without undermining the bullish pattern. So,m Friday morning’s ranging there .

Posted in Bigger Picture, Daily Spot, members-only