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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | June 27, 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))
Still testing the 1.1725 sell signal at Tuesday’s close, but as resistance, resolved down overnight to gap down Wednesday under the 1.1700 confirmation. Extending down sharply intraday tested 1.1635 which had been the original decline’s target, likely now to probe fresh lows.

Gold Aug Contract (GC, ETF: (GLD))
Probing fresh lows overnight was extended Wednesday morning, as the session tested 1253.50. Thu-Mon had formed a multi-session range, so Wednesday’s fresh low close has confirmed Tuesday’s breakout and now requires at least an eventual third lower close.

Silver Jul Contract (SI, ETF: (SLV))
Tuesday’s 16.18 gap down under all prior lows had required a retest from above, which was fulfilled at Wednesday’s open. Its reaction up filled the gap back to Tuesday’s close before resolving down to fresh lows. While this does not form a breakout, at least fresh intraday lows are likely, if not also extnding the trend.

30-year Treasury Sep Contract (US, ETF: (TLT))
Wednesday’s gap up immediately tested downtrending resistance coinciding at 144-26. Extending higher intraday to attack 145-08 did not reverse down intraday, but closing back under 144-26 would signal momentum reversing down.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fulfilling the 70.25 target Tuesday wasn’t rejected or reversed, and the rally extended higher overnight to gap up Wednesday at 71.18. Trending up intraday probed a nickel above 73.00 and 35 cents above 5-week old highs. Holding 71.25 as support keeps alive the next higher target at 75.30.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Gapping up Wednesday to 2.96 and extending up to 3.00 greets Thursday’s EIA more from a position of strength than of weakness. An initially negative knee-jerk reaction down to 2.92 would be likely to recover, but there’s no assurance of an initially favorable reaction being maintained.

Posted in Bigger Picture, Daily Spot, members-only