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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | August 30, 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))
How over-extended was the rally? Monday’s rally to and through 1.1945-1.1970 had extended Tuesday night to test 1.2080. Its intraday session-long reaction down Tuesday had nevertheless stopped optimistically short of actually filling the gap back to Monday’s close just under 1.2000. Wednesday’s open leap-frogged under 1.1945-1.1970 to consolidate back down to 1.1900. A second consecutive lower close would reverse the trend down for a deeper pullback. Otherwise, any delay in extending down would keep alive the near-term potential for retesting Tuesday night’s high.

Gold Dec Contract (GC, ETF: (GLD))
Holding Tuesday’s retracement to the 1318.50 pullback limit didn’t prevent extending down overnight to the 1310.50 sell signal. Touching pre-open and post-open held through the close to avoid triggering. But 1318.50 wasn’t recovered, which would indicate Monday night’s 1332.00 high was being retested.

Silver Dec Contract (SI, ETF: (SLV))
[Rolling coverage forward to Dec, which trades at a 10-cent premium to Sep]… Gapping down slightly Wednesday stopped short of retracing the 17.30 buy signal that had triggered Monday, keeping alive the potential for a near-term retest of Monday night’s 17.75 high on the way to the 17.90 target.

30-year Treasury Sep Contract (US, ETF: (TLT))
Tuesday’s pullback from 158-04 had extended just enough at Wednesday’s open to touch Monday’s “lower prior highs” at 156-25. The delay suggests an even deeper dip to at least 156-16 before reversing up to retest Monday night’s high.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
More narrow ranging into Wednesday’s session avoided a fresh low, but still hovered above Tuesday’s fresh low without rejecting it and the 45.50 target in-play.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Tuesday’s bounce up to 2.98 was unable to close higher, and reversed back down to test the 2.94 sell signal Wednesday. Thursday morning’s EIA report is not being greeted from a position of strength, although testing the 2.84 target would help to complete the bottoming pattern.

Posted in Bigger Picture, Daily Spot, members-only