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Daily Spot… – If, Then… Market Timing

Daily Spot…

By Rod David | August 22, 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))
Already having fulfilled both higher objectives Tuesday at 1.1545 and 1.1625, while testing “higher prior lows” from the decline, trying to probe higher overnight to 1.1645 wasn’t likely to extend Wednesday. Its reaction down Wednesday morning didn’t actually reverse the trend down, however likely that may be, and extending the rally would next target 1.1705.

Gold Dec Contract (GC, ETF: (GLD))
Tuesday’s close above 1195.00 extended higher overnight and gapped up Wednesday to test the next higher resistance at 1207.50. Reacting straight back down through the morning filled the gap back down to Tuesday’s  close. Back under 1191.50 would reverse the trend back down, but there’s otherwise room up to 1215.00-1220.00.

Silver Sep Contract (SI, ETF: (SLV))
Probing the 14.63-14.80 range’s upper-end overnight was retraced into Wednesday’s open, dipping back into the range, instead of extending to 15.05 above, and still attracted to 14.45 below.

30-year Treasury Sep Contract (US, ETF: (TLT))
Gapping up Wednesday and probing a fresh high wasn’t assured of extending higher. It would likely be at a steep slope, or else the rally would otherwise have peaked. Retracing the intraday fresh high probe back under Monday’s high would be “ineffectual optimism” and more vulnerable to reversing down.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Rallying overnight gapped up to fresh recovery highs and extended to test the week-old 67.50 gap up above prior highs, neutralizing its attraction above. Closing above its 67.75 intraday would keep alive the next higher attraction at 68.30.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
The attraction back down to 2.85 remains intact so long as the rally back to prior highs isn’t extended Wednesday. Especially on a closing basis, which would greet Thursday’s EIA report from a position of strength. Wednesday morning’s dip back down to prior highs at 2.95 doesn’t create any added strength.

Posted in Bigger Picture, Daily Spot, members-only