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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | June 15, 2018 - 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 Jun Contract (EC, ETF: (FXE, UUP))
Thursday’s plunge from the ECB news extended down overnight to fulfill the pattern’s minimum objective of filling the gap outstanding from its 2-week old low at 1.1550 and probing under it down to 1.1545. That was largely recovered back into positive territory overnight for an intraday low of only 1.1585, which is not a buy signal.

Gold Aug Contract (GC, ETF: (GLD))
Thursday’s failure to close above its 1207.00 buy signal wasn’t itself a sell signal, but it allowed raising the sell signal from 1296.50 to 1301.00. Which is where Friday’s gap down opened, and then plunged to sharply lower lows at 1278.00. Bounces should hold 1284.00 while maintaining the new downleg’s momentum next targeting 1273.00 and 1260.00.

Silver Jul Contract (SI, ETF: (SLV))
Filling two gaps simultaneously Thursday at 17.20-17.30 without trending up intraday had indicated a pullback was likely, probably down to 16.80. Already trending down overnight extended to probe under “lower prior highs” at 16.55 by nearly a dime. Closing back above 16.65 would signal the decline’s momentum is lapsing, but not yet reversing up until also closing back above 16.80. Extending the decline would target 15.80 and 15.25.

30-year Treasury Sep Contract (US, ETF: (TLT))
Firming overnight above the 143-16 buy signal extended intraday to 144-10. Its reaction down should hold 143-24 to maintain the recovery’s upside momentum.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Still fluctuating narrowly within the 66.25-66.75 buy signals couldn’t yet ensure absorbing a reaction down that might be produced by impatience from delaying the rally. That impatience arrive Friday morning by dropping back down to 65.60. Friday breakouts in Crude are less credible, so a recovery remains possible if not also likely so long as Monday doesn’t extend Friday’s dip.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Already firming overnight to retest the minimum objective at 3.00 gapped up through it Friday morning. This qualifies as a breakout from a multi-session range, so any bearish resolution must avoid confirming with a higher close on Monday.

Posted in Bigger Picture, Daily Spot, members-only