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 | July 1, 2014 - 3:11 pm

A daily summary of high-profile members of several complexes…[pay] View a more detailed discussion of each chart at the end of today’s Market Wrap.

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Tuesday’s bounce was more like firming that doesn’t reverse momentum up, but does require that Wednesday probe fresh lows in the pattern.

Eurodollar Sep Contract (EC, ETF: (FXE))
Tuesday’s gap down went nowhere, but it also prevented a second consecutive confirming close to Monday’s breakout. That doesn’t prevent resuming the rally Wednesday, which would set-up a highly reliable 2-3 day pattern going forward.

Gold Aug Contract (GC, ETF: (GLD))
Monday’s post-close surge to fresh highs above 1322.00 was extended to test 1332.00-1335.00, and essentially maintained through Tuesday’s close. That’s the breakout, or at least the fresh high probe that was expected to be launched by the preceding dip to 1313.00. A second consecutive higher confirming close is less reliable, if not actually unlikely.

Silver Sep Contract (SI, ETF: (SLV))
Underpforming Gold on Tuesday meant bouncing, and probing prior highs only slightly and only temporarily. The highs require no other retest, so closing under 21.05 would signal momentum has reversed down.

30-year Treasury Sep Contract (US, ETF: (TLT))
Monday’s recovery from probing fresh lows intraday didn’t prevent gapping down Tuesday to Monday’s low and extending lower intraday. The pullback is targeting “lower prior highs” at 136-02 before recovering to the 137-22 objective. That, or the pattern is not bullish.

Crude Oil Aug Contract (CL, ETF: (USO))
Monday’s bounce extended slightly higher Tuesday to touch the 106.05 bounce limit before reversing back down to retest 104.70 support, which still must break lower to signal the new downleg underway.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Although Tuesday did not extend Monday’s bounce to close above 4.50, intraday weakness to 4.40 did recover to hold 4.44-4.45 support and keep alive the recovery’s potential.

[/pay]

Share your questions and comments on this post in the blog, or in the chartroom…

Posted in Daily Spot