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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | September 18, 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))
Thursday morning’s brief test of the 1.1845 pullback objective was apparently sufficient to launch a recovery. At least, more sufficient than I had assumed, because Sunday night’s open gapped up above Tuesday’s ~1.2000 high, and Monday probed higher to test 1.2025. Only slightly higher, and only temporarily, dipping back down to 1.1980. Any lower on Tuesday would target would target 1.1930 and potentially a new downleg.

Gold Dec Contract (GC, ETF: (GLD))
Last week’s attack on the 1318.50 pullback objective had never closed above the 1334.00 buy signal. A retest of last week’s low more thoroughly tested 1318.50, and then extended deeper to test 1308.50. Closing back above 1313.00 would suggest the decline is ending, but reversing up would require closing back above 1318.50.

Silver Dec Contract (SI, ETF: (SLV))
Delaying a pullback to 17.70 last week has resulted in a deeper drop this week to 17.11. An immediate reversal up by closing back above 17.30 would be credible in this pattern, while not attempting to recover until after Tuesday’s close would likely be only temporary.

30-year Treasury Dec Contract (US, ETF: (TLT))
Despite slowing the descent as prior lows were tested into the weekend, last week’s reversal seemingly resumed Monday by probing intraday down to 154-04. Now recovering 154-30 would start to signal at least a corrective bounce underway.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down Monday extended the pullback underway since mid-day Thursday. The morning’s low filled the gap back to last Wednesday’s 49.25 open. Its reaction up threatened to close positive, which would form a bullish Pivot Reversal setup.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Friday’s pullback to 3.02 had no bullish excuse Monday to further delay resuming last week’s rally. The pattern would not benefit from any more backing-and-filling. Monday’s gap up above last week’s 3.10 high was a little aggressive, but trended higher intraday anyway.

Posted in Bigger Picture, Daily Spot, members-only