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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | July 6, 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 back to Thursday’s 1.7735 open surged to fresh recovery highs at 1.1830. The 1.1850 objective is also in view so long as Monday doesn’t retrace all of Friday’s gain.

Gold Aug Contract (GC, ETF: (GLD))
Friday’s gap down still held well above Thursda’s lows, but didn’t recover. It’s not the optimal pullback before launching the next upleg, but almost any initial strength Monday would be credible for extending higher anyway.

Silver Sep Contract (SI, ETF: (SLV))
Barely attacking Thursday’s high Friday morning reacted back down to attack Wednesday’s lows, which is still shallower than optimal before launching a credible rally leg. While a fresh high early Monday could extend, it probably wouldn’t be durable.

30-year Treasury Sep Contract (US, ETF: (TLT))
Spiking up in reaction to Friday’s Employment Situation report was retraced back within Thursday’s range, almost entirely to fill the gap back down to 145-16. Friday’s gap up was within Thursday’s range, too, so there is not inhibition to prevent reacting down through the week-long range’s lower end to 144-08.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Retesting the 72.80 pullback limit Friday morning was recovered to hold its test, still being likely to fill Tuesday’s 74.80 opening gap and possibly retest the 75.30 target.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Friday’s session didn’t rally, and only slightly probed under Thursday’s low. Twice. The recent break and the position of weakness greeting the EIA report weren’t rejected, making the pattern likely to resolve down if not already recovering Sunday night.

Posted in Bigger Picture, Daily Spot, members-only