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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | August 17, 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))
Wednesday’s surge back above the 1.1765 sell signal to 1.1800 was in reaction to the FOMC Minutes, and not due to accumulation. The overnight reaction down retraced it all and then some, probing under Wednesday’s lows. The morning’s reaction up held resistance at the 1.1765 sell signal.

Gold Dec Contract (GC, ETF: (GLD))
Surging through 1295.00 after Wednesday’s close in reaction to the FOMC Minutes wasn’t entirely retained into Thursday’s open. The restrained optimism helps to keep alive this leg’s potential to 1305.00. Also necessary is that pullbacks hold 1285.00, which was being attacked as support after Thursday’s gap up.

Silver Sep Contract (SI, ETF: (SLV))
Wednesday’s post-close extension of its intraday rally had extended through the 17.05 pullback limit whose break had enabled the interim dip to test 16.60. Thursday’s gap up dipped to test 17.05 as support. Closing higher Friday would signal the rally leg had resumed.

30-year Treasury Sep Contract (US, ETF: (TLT))
An overnight dip back down to Wednesday’s 154-20 buy signal was recovered Thursday morning back up through 155-10. That is the minimum requirement to resume the rally instead of forming a top. The afternoon extended to test last week’s highs above 155-22, with no bullish excuse to further delay extending sharply higher.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Further weakness overnight continued to confirm the 48.25 sell signal, and it 43.50 objective are in-play. The ongoing downtrending of lower lows and lower highs also makes a recovery difficult.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Extending down overnight didn’t greet Thursday’s EIA from any better position of strength. The knee-jerk reaction up tested the 2.91 sell signal, and holding it would keep alive its 2.81-2.82 pullback target. Closing above 2.95 would nevertheless signal further pullback wasn’t necessary before rallying.

Posted in Bigger Picture, Daily Spot, members-only