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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | September 11, 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))
Gapping down Monday exploited Friday’s “ineffectual optimism” that had gapped up, spent the entire session in positive territory, and probed Thursday’s high without also closing above it. Holding the 1.1970 buy signal would make any initial strength Tuesday likely to retest the high. Closing under 1.1955 would start to signal a deeper pullback underway.

Gold Dec Contract (GC, ETF: (GLD))
Monday’s gap down tested and probed under the 1337.50 sell signal whose previous test had launch fresh highs. A second consecutive lower close Tuesday would make a reversal down credible, but meanwhile a retest of Friday’s 1351.00 close is likelier first.

Silver Dec Contract (SI, ETF: (SLV))
Friday’s failure to confirm Thursday’s breakout left the rally vulnerable to Sunday night’s reaction down that tested the 17.90 sell signal as support. It held, and now has left outstanding a gap back up to Friday’s 18.10 close that will at least want to be filled.

30-year Treasury Dec Contract (US, ETF: (TLT))
Thursday’s premature bounce to fresh highs out of Wednesday’s brief pullback had not extended higher Friday. Monday’s gap down to Thursday’s open picked up the baton and extended relentlessly to fulfill its objective under 156-00. It can extend down to 155-16 to compensate for the delay. A corrective bounce meanwhile could fill the gap back up to Friday’s 157-10 close.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Just a little more room under Friday’s low was possible while maintaining Friday’s dip to 48.00 and 47.25 as only temporary. Touching 47.00 triggered a bounce back up to 48.00, whose recovery would signal that last week’s confirmed breakout’s eventual third higher close was in-play.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Gapping up Monday and trending higher intraday tested the 2.95 sell signal that had triggered Friday. Which held, creating an “inside day,” and leaving open the 2.84 objective, now further fueled by filling the gap back down to Friday’s 2.89 close below.

Posted in Bigger Picture, Daily Spot, members-only