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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | August 17, 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))
Closing Thursday at the 1.1385 buy signal had tried extending higher overnight. Its retest into Friday’s open also reacted up intraday.

Gold Dec Contract (GC, ETF: (GLD))
Friday’s relatively narrow ranging didn’t create any new setups into the weekend, suggesting that Sunday night or Monday is vulnerable to attacking or event to retesting Wednesday night’s 1167.00 low.

Silver Sep Contract (SI, ETF: (SLV))
Ranging narrowly Friday around unchanged keeps alive the attraction back down to Wednesday’s low, at least to 14.45 before a rally would be reliable for extending.

30-year Treasury Sep Contract (US, ETF: (TLT))
Gapping up slightly Friday extended to probe a fresh high. It didn’t extend, and formed “ineffectual optimism” that is vulnerable to reversing down on Monday. But the week’s favorable performance follows the prior Friday’s fresh relative high close, suggesting a more substantial rally is underway.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Flat-to-higher ranging Thursday was essentially duplicated overnight, gapping up Friday to test the 66.10 buy signal. Its test held, reacting down to fill the gap back to Thursday’s close and neutralize its attraction below. The buy signal remains intact.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Gapping up Friday into the rally’s 2.93-2.95 target area was premature for resuming the rally, and also too shallow to suggest momentum had reversed up. A fresh pullback low remains likely.

Posted in Bigger Picture, Daily Spot, members-only