Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the disable-gutenberg domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/jwl23/public_html/rd.johnlander.me/wp-includes/functions.php on line 6131
Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | August 21, 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))
The confirmed breakout from 1.1385 extended higher overnight and fulfilled its minimum objective at 1.1545. Consolidating at its resistance into and out of Tuesday’s open broke higher during the noon hour to fulfill the next higher objective at 1.1625. That’s also “higher prior lows,” so a reaction down is likely.

Gold Dec Contract (GC, ETF: (GLD))
Firming overnight probed the 1195.00 buy signal and triggered it through the close by $5. Upside could be limited to 1205.50 or extend to 1215.00-1220.00, but probably be only temporary with the outstanding attraction below to retest the 1167.00 overnight low down to 1172.50.

Silver Sep Contract (SI, ETF: (SLV))
Overnight choppiness repeated Monday’s post-close bounce to 14.80. Continuing to hold its resistance makes the gap back down to 14.45 likely to be filled before a reliable rally can begin.

30-year Treasury Sep Contract (US, ETF: (TLT))
Monday’s fresh high resolved similarly to last Wednesday’s recovery to fresh relative highs, by also dipping back into the multi-session range under 145-00 from which the prior day’s rally had originated. There’s room down to 144-18 before suggesting momentum is reversing down, instead of more likely extending the rally.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Finally rallying Tuesday morning may have launched a rally targeting the week-old opening gap back up to 67.50. Closing under 65.00 would otherwise signal a false break and momentum reversing down.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Tuesday’s gap up to a fresh high seemed to confirm Monday’s gap up from Sunday night’s gap down. A fresh high close would suggest the pullback is being ignored to resume the rally. But Tuesday’s 2.98 high qualified as neither a breakout nor a reversal, and remains vulnerable to a reversal that fulfills a test of 2.85 as support.

Posted in Bigger Picture, Daily Spot, members-only