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 18, 2014 - 2:42 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))
Fresh highs intraday Friday were retraced into the afternoon. The outstanding requirement for a third higher close may have been delayed only until Monday, but there is no timing element to the requirement.

Eurodollar Sep Contract (EC, ETF: (FXE))
Thursday’s eerily detached complacency was broadsided Friday by bad economic news from Italy, which triggered a spike down to fresh lows. A third lower close has been required, but Friday’s opportunity was rejected by recovering back into positive territory. Momentum did not reverse up, so Monday may yet fulfill the pattern, but trending up Monday would suggest a bigger bounce underway.

Gold Aug Contract (GC, ETF: (GLD))
The bounce to 1326.00 resistance held a retest overnight before reversing back down to greet Friday breaking back under 1313.00 support. A third lower close — probably around 1284.00 is back in-play, so long as 1313.00 isn’t recovered through the close.

Silver Sep Contract (SI, ETF: (SLV))
Friday’s drop back under 21.05 signals that Thursday’s test of 21.28 resistance had held, and that a drop to fresh lows was underway, targeting at least 20.55 so long as 21.05 isn’t recovered on a closing basis.

30-year Treasury Sep Contract (US, ETF: (TLT))
Closing Thursday above 138-00 put into play 138-28, which was attacked to within 5 ticks before reacting down intraday to 137-23. Not recovering to close back above 138-10 would suggest the probe above 137-22 did not gain traction, and whether part of a top or only a correction, that a deeper retracement would begin into the weekend.

Crude Oil Aug Contract (CL, ETF: (USO))
The Island Reversal rally extended overnight to within a dime of the 104.05 target. Overnight gains were retraced before Friday’s open, removing any trace, but not reversing momentum down without also closing under 102.90.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Thursday’s reaction to EIA remained under pressure Friday, potentially forming the third stage of a reversal pattern that still requires troughing before even considering a recovery.

[/pay]

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

Posted in Daily Spot