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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | July 16, 2014 - 2:39 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))
Gapping up Wednesday tested another higher prior low, but also confirmed Tuesday’s break, which now requires an eventual third higher close. Closing above 80.75 would also confirm that the higher close is part of a much larger rally.

Eurodollar Sep Contract (EC, ETF: (FXE))
Wednesday’s gap down remained lower throughout the day, confirming Tuesday’s break under the recent trading range. This setup now requires an eventual third lower close, albeit not necessarily immediately. No earlier rally effort would be credible for gaining traction or for being very productive before extending back down.

Gold Aug Contract (GC, ETF: (GLD))
Having confirmed a breakout during the prior two sessions that now requires an eventual third lower close, Wednesday’s small bounce suggests the requirement will be fulfilled sooner rather than later.

Silver Sep Contract (SI, ETF: (SLV))
Wednesday’s inside day closing negative doesn’t satisfy the requirement for a third negative close that was created by the two prior sessions’ confirmed breakout.

30-year Treasury Sep Contract (US, ETF: (TLT))
Another attack on 136-16 support was recovered prematurely to test 137-07 resistance. A fresh high to 137-28 is possible before reversing down. Closing above 138-00 would target 138-28.

Crude Oil Aug Contract (CL, ETF: (USO))
Wednesday’s gap up formed an Island Reversal that is immediately testing the 101.25 reversal signal. It’s upside potential is to 102.45, or else to 104.05. Regardless, Islands are made to be retested, so an eventual fresh low fulfilling the 98.40 target is likely.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Already testing Tuesday’s 4.12 high overnight, Wednesday’s gap up ranged there narrowly intraday. Closing above 4.19-4.21 would signal the Falling Wedge had broken higher, targeting 4.38 initially.

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Posted in Daily Spot