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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | July 13, 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))
Thursday’s bounce from 1.1702 support had held 1.1740 resistance, only testing the 1.1725 buy signal at the close, so momentum did not reverse up. The overnight drop to 1.1665 support was retraced enough for Friday’s open to gap down to the 1.1702 support narrowly avoided Friday. The retracement extended to fill the gap back up to Thursday’s 1.1725 buy signal, which would still be valid if triggered.

Gold Aug Contract (GC, ETF: (GLD))
Holding Thursday’s bounce at 1248.50 had kept alive the decline’s momentum, next targeting 1237.50. Which was met at the 1236.20 overnight low just before Friday’s gap down. Bounces must now hold tests of 1243.50 to maintain the decline’s momentum.

Silver Sep Contract (SI, ETF: (SLV))
The 16.02 buy signal was only touched at the peak of Thursday’s bounce, keeping alive the decline’s momentum for at least a deeper test of the prior week’s 15.80 low. Friday’s gap down did test it by a nickel, and leaves no “unfinished business below,” but it is premature to qualify as a low.

30-year Treasury Sep Contract (US, ETF: (TLT))
The 145-02 / 145-25 range continued its influence Friday as Thursday’s dip back down to its lower-end was reversed to attack its upper-end. The range is effectively a “standing-stop,” and is losing its predictive value for identifying the first trending attempt beyond its range.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Firming slightly Friday morning keeps alive downside momentum which has already confirmed Wednesday’s breakout that requires at least an eventual third lower close.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
The bounce to 2.82 resistance resolved down Friday to fresh lows attacking 2.75, and the lower-end of April’s range had launched the interim highs above 3.02. Bounces holding 2.80 would keep alive 2.71 and 2.67 targets below.

Posted in Bigger Picture, Daily Spot, members-only