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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | August 8, 2014 - 3:05 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.

Eurodollar Sep Contract (EC, ETF: (FXE))
Friday’s gap up was another bottoming element, as was its retest of the previous bounce’s 1.3425 bounce limit. That doesn’t equate to yet being a bottom, which would be signaled either by holding a test of the gap back down to Thursday’s 1.3364 close, or else extending higher to close above 1.3443.

Gold Oct Contract (GC, ETF: (GLD))
Higher highs overnight reacted down sharply Friday, holding the pattern’s 1305.50 pullback limit intraday and bouncing to test 1313.00 is preferable for extending the rally’s momentum. No matter how substantial the overnight high, it did not fulfill the minimum requirement for at least one more higher close as is required already by the confirmed breakout.

Silver Sep Contract (SI, ETF: (SLV))
Fresh recovery highs overnight up to 20.18 helped to reconnect the pattern with Gold before Friday’s open. But the intraday dip still gravitated back down to 19.97 support.

30-year Treasury Sep Contract (US, ETF: (TLT))
Fresh highs overnight probed well above the minimum 139-25 objective to 140-11. Its reaction down touched 139-12 before bouncing back above and around 139-25. Closing Friday above or below 139-25 — decisively, and not still overlapping — would signal the next significant leg.

Crude Oil Sep Contract (CL, ETF: (USO))
The overnight attempt to extend Thursday’s shallow strength and form a bottoming pattern was retraced Friday morning to probe back into negative territory. Despite testing 98.50 overnight, intraday action held 97.85 resistance to avoid signaling a rally, keeping alive potential for fresh lows (in case world peace were to break out over the weekend?) for 95.00.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Thursday’s deep pullback to the 3.85 pullback limit was rejected immediately Friday by gapping up and extending through Wednesday’s 3.93 recovery high close, to attack Thursday morning’s 3.98 high.

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Posted in Daily Spot