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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | June 20, 2018 - 2:20 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))
Tuesday’s gap down retesting the 1.1625 target was not extended intraday. Tuesday’s narrow ranging neither extended Monday’s drop nor rejected it. Much more delay in resolving either way will make a more durable resolution down likely.

Gold Aug Contract (GC, ETF: (GLD))
Already retesting Tuesday’s 1274.00 low before Wednesday’s open, the balance of the session eked flat-to-lower. Resuming the decline from this stage of the pattern should begin abruptly if valid.

Silver Jul Contract (SI, ETF: (SLV))
Wednesday’s narrowly ranging inside day was difficult to form inside of Tuesday’s already narrow range. Despite the seeming calm on its surface, still not rejecting the decline by Thursday’s close would likely extend down further at an accelerated pace.

30-year Treasury Sep Contract (US, ETF: (TLT))
Tuesday’s “ineffectual optimism” was retraced overnight for Wednesday’s open to retest Monday’s 143-20 close. The pattern’s 143-16 buy signal remained intact, but must be productive without any further delay to remain valid.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping back up Wednesday to the 65.65 buy signal ranged widely around it intraday — swinging 65-cents in either direction, and ultimately recovering back above it. The signal needs confirmation from a second consecutive higher close Thursday. Because Wednesday’s session ranged more so than trended, not already rallying at Thursday’s open would suggest that Wednesday’s buy signal will be rejected.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Gapping up to 2.95 Wednesday retraced Tuesday’s gap down, but didn’t reject it. Being unconfirmed, Thursday’s EIA report is not being greeted from a position of strength. Closing higher Thursday would be bullish, unless the gap back up to Friday’s 3.02 close were filled without closing above it.

Posted in Bigger Picture, Daily Spot, members-only