Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the disable-gutenberg domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/jwl23/public_html/rd.johnlander.me/wp-includes/functions.php on line 6131
Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | June 22, 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 Sep Contract (EC, ETF: (FXE, UUP))
Gapping up Friday above last Friday’s highs got up to 1.1745 before dipping to fill the gap back down to Thursday’s close under 1.1700. Closing in negative territory would have already signaled momentum reversing down. The dip was recovered intraday, but any close uunder 1.1695 would still signal at least a retest of Wednesday’s 1.5830 pre-open lows.

Gold Aug Contract (GC, ETF: (GLD))
Ending the week on very narrow ranging did not reject Thursday’s resumption of the decline, which is likely to at least probe fresh lows before a recovery attempt can be credible.

Silver Jul Contract (SI, ETF: (SLV))
Opening firm and trending up shallowly Friday filled the gap back up to Monday’s 16.45 close, leaving no reason to delay resuming the decline Monday.

30-year Treasury Sep Contract (US, ETF: (TLT))
Still fluctuating choppily around the 143-16 buy signal does not make it any more or less likely to trigger. But it does raise suspicions for still not having triggered, so the delay is not bullish.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
OPEC headlines enabled gapping up Friday from the 65.65 buy signal up to the next buy signal at 67.40, and then extending higher to test 68.80. The likely minimum objective is 70.25.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Thursday’s gap down back to 2.95 stopped short of triggering a sell signal. Friday’s follow-through to 2.92 reacted up to 2.95 to still prevent signaling that momentum is yet reversing down durably.

Posted in Bigger Picture, Daily Spot, members-only