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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | August 29, 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))
Closing above the 1.1970 objective Monday extended sharply higher overnight to 1.2082. Already dipping into the open, Tuesday trended down to almost fill the gap back to Monday’s 1.1922 close. Overnight highs would like to be retested, but a deeper pullback to 1.1945 can’t be dismissed.

Gold Dec Contract (GC, ETF: (GLD))
Missiles flying always brings out the best in Gold. And having closed above 1313.00 Monday it surged through its 1322.00 target to 1332.00. Tuesday’s open was $2 off the high, and trended back down to 1319.00 pullback limit. The next lower support is 1310.50 to keep alive the near-term likelihood of retesting the overnight high.

Silver Sep Contract (SI, ETF: (SLV))
Higher highs overnight at 17.67 were backing off a little into Tuesday’s open, still short of the 17.80 target. Trending back down intraday largely held positive territory while filling the gap back to Monday’s 17.45 close.

30-year Treasury Sep Contract (US, ETF: (TLT))
The flight-to-safety trade resumed with a vengeance, extending sharply higher overnight to fresh highs at 158-04. Trending back down post-open twice stopped optimistically short of filling the gap back to Monday’s 156-23 close. The overnight high’s retest is likely so long as 156-16 holds as support.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Narrow sideways action greeted Tuesday’s session which only traded flat-to-lower through the morning. The next lower objective at 45.50 remains intact, presumably on the way to retesting the lows.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Monday’s post-open rally off of gapping down was able to test 2.98 resistance. Its reaction filled the gap back down to Monday’s close under 2.95 and recovered back to the open’s high. Almost any initial strength Wednesday would be credible for extending higher, and for dismissing the potential for a deeper pullback targeting 2.84.

Posted in Bigger Picture, Daily Spot, members-only