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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | August 7, 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 Tuesday from Monday’s new low duplicated the same reversal setup as at the range’s 2-3 prior lows. Extending the reversal becomes less likely with each occurrence, as Tuesday’s post-open dip from 1.1645 resistance wasn’t yet deep enough to signal momentum reversing down. But not immediately extending higher does undermine even a corrective bounce.

Gold Dec Contract (GC, ETF: (GLD))
Tuesday’s open gapped up to 1222.50 resistance, essentially filling the gap back up to Friday’s close. Monday’s 1216.00 opening gap should be filled before any credible recovery, and the trend meanwhile remains down.

Silver Sep Contract (SI, ETF: (SLV))
Dipping overnight to attack the 3-week old opening gap down at 15.25 was recovered into Tuesday’s open, once again failing to complete the outstanding test intraday. The open filled the gap outstanding from Friday’s 15.47 close, allowing a very bearish reaction down Wednesday. Not already exploiting that opportunity at the open would make a bigger bounce likely.

30-year Treasury Sep Contract (US, ETF: (TLT))
Monday’s opening surge above the 143-02 buy signal had been suspiciously slow to develop. Drifting back down overnight increased suspicions, which were confirmed by drifting even lower intraday to attack the 142-18 sell signal.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Already rallying overnight out of Monday’s pullback limit test only attacked Monday’s high, and formed only an inside day. But the 68.85 pullback limit held again as support, which is still likely to probe the 70.45 upper-end of last week’s Island, presumably on the way to fulfilling the 71.75 corrective bounce target.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Monday’s recovery from gapping down and probing lower at its open already confirmed what Friday’s break above 2.83 had signaled. Gapping up and trending higher Tuesday to 2.90 confirms 2.93-2.95 remains in-play.

Posted in Bigger Picture, Daily Spot, members-only