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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | September 19, 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))
Another fresh recovery high Tuesday at 1.2050 was reversed to test the uptrending pivotal support emanating from the recent pullback low at 1.1745. Dipping back under 1.2015 would likely test 1.1945, and probably also retrace the entire recovery leg.

Gold Dec Contract (GC, ETF: (GLD))
Firming Tuesday morning helped to confirm the relevance of Monday having closed at 1310.50 support. But reversing the trend up was not likely to tolerate much of a delay. And the balance of the session fluctuated around 1310.50. Greeting Wednesday’s FOMC events from already closing above 1318.50 would have been much more reliably bullish.

Silver Dec Contract (SI, ETF: (SLV))
Tuesday morning ranged flat-to-higher off of Monday’s test of 17.10 support, resisted by the 17.30 buy signal. Its recovery Tuesday would still be credible for at least filling the gap back up to Friday’s 17.70 close.

30-year Treasury Dec Contract (US, ETF: (TLT))
Ranging flat-to-lower through Tuesday’s noon hour had pierced Monday’s 154-04 low by only 2 ticks, while RSIs diverged positively. The 154-30 buy signal remains intact, but not greeting Wednesday afternoon’s events from the position of strength possible by already having closed above it.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up Tuesday extended Monday’s reversal from completing its pullback, but stopped short of touching Thursday’s high before reversing back down into Monday’s range. A fresh high close above 50.50 is required to extend the rally, which otherwise has no “unfinished business above” preventing its reversal down.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Firming ahead of Tuesday’s open tried extending Monday’s rally, but the balance of the session mostly ranged narrowly sideways. In any case, the rally was not rejected, so any pullback would likely be absorbed and recovered.

Posted in Bigger Picture, Daily Spot, members-only