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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | August 4, 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))
Initially bouncing Friday stopped short again of fulfilling potential to 1.1945-1.1970 before reacting down aggressively. Closing lower Monday would not be capable of signaling a trend change, but a weak bounce Monday would be very vulnerable to signaling a trend change on Tuesday.

Gold Dec Contract (GC, ETF: (GLD))
Dropping back down to 1270.00 Thursday after bouncing from it Wednesday chipped away at the last support offered there. Friday plunged to test the next objective at 1271.00. Recovering 1272.00 would suggest a bigger bounce underway, but must recover 1285.00 to suggest something other than just more topping. Near-term attraction to gaps below indicate a bearish resolution regardless of the path there.

Silver Sep Contract (SI, ETF: (SLV))
Returning back down to 16.60 support already had indicated its eventual break, which was fulfilled by Friday’s plunge to 16.20. Immediate strength coming out of the weekend could be productive Monday morning, but still probably only temporary before at least retesting Friday’s lows.

30-year Treasury Sep Contract (US, ETF: (TLT))
Gapping up Friday extended higher momentarily, but long enough to attack the outstanding 155-16 target to within 6 ticks. Reacting down sharply filled the gap back down to Thursday’s close around 154-04 that has defined prior highs. There is no requirement to retest the high, or to fulfill the entire target, but it remains the likelier resolution.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Ranging persisted Friday above the 48.25 sell signal, and under the 50.10 target that has been met already. Closing beyond either would be likely to extend in that direction.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Tuesday’s 2.76 low had required a retest. Thursday night’s drop pierced it, but Friday only attacked it repeatedly. The “ineffectual optimism” still suggests a fresh low is required, regardless of the ultimate resolution.

Posted in Bigger Picture, Daily Spot, members-only