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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | July 5, 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 Thursday filled the gap to last Tuesday’s 1.1781 open and immediately began trending down to last Friday’s 1.1745 “lower prior highs.” Extending any higher would next target the 1.1850 area.

Gold Aug Contract (GC, ETF: (GLD))
Shallow overnight weakness was recovered to gap up Thursday and then probe fresh highs attacking 1262.50. The pullback was too shallow to be optimal, but almost any higher close would be credible for extending the bounce to 1269.50.

Silver Sep Contract (SI, ETF: (SLV))
Dipping under 16.00 overnight was recovered in time to gap up Thursday and then probed Tuesday’s high up to 16.20. The gap back down to Monday’s 15.85 close remains outstanding, but almost any initial strength Friday would be credible for extending sharply higher.

30-year Treasury Sep Contract (US, ETF: (TLT))
Gapping up Thursday and probing fresh highs above the recent range’s upper-end could have greeted Friday’s Employment Situation report from a position of strength. But the range’s upper-end was still being tested. A negative reaction or resolution can’t be dismissed. But closing above the range would be considered a breakout.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Dipping again to the 72.90 pullback limit Thursday still hasn’t reversed the trend down, and remains likely to retest the 74.82 gap up or even to more fully test the 75.30 target.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Tuesday’s bounce up to “higher prior lows” at 2.90 was retraced through Thursday morning down to 2.82. Friday’s EIA report is being greeted from a position of weakness.

Posted in Bigger Picture, Daily Spot, members-only