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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | June 25, 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))
Dipping Sunday night back to Friday’s test of the 1.1700 sell signal was recovered to gap up Monday to test 1.1775. The sell signal could be raised to 1.1725, at least a preliminary signal that must still break under 1.1700 to reverse the trend back down.

Gold Aug Contract (GC, ETF: (GLD))
Monday’s shallow dip retraced 61.8% back down to Thursday’s low, which didn’t acknowledge the overnight low that had preceded it. This qualifies as “ineffectual optimism” which is tends to be more bearish from a contrarian perspective.

Silver Jul Contract (SI, ETF: (SLV))
Having held Friday’s test of its 16.45 bounce limit, drifting lower Monday helps to confirm resistance held. But closing lower on Tuesday is still needed to signal the decline has resumed.

30-year Treasury Sep Contract (US, ETF: (TLT))
Bouncing again off of the 143-18 buy signal attacked last week’s highs up to 144-18. Downtrending resistance coinciding at 144-28 is even likelier to be tested before reversing down, so long as 143-04 now holds as support.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s gap up from the 65.65 buy signal to probe the 67.40 buy signal up to 66.85 wasn’t extended higher overnight. But Monday’s open did gap up and probe fresh highs at 69.45 before reversing back into negative territory at 68.00. A second consecutive higher close would have confirmed Friday’s breakout close. Momentum hasn’t reversed down, but any higher high must print immediately.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Probing Sunday lower night gapped down Monday to test 2.90, then bounced to test what is now resistance at 2.95. There’s no bearish reason to further delay resolving down, especially since there’s no “unfinished business above.

Posted in Bigger Picture, Daily Spot, members-only