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Daily Spot… Big moves into the weekend. – If, Then… Market Timing

Daily Spot… Big moves into the weekend.

By Rod David | July 31, 2015 - 3:01 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))
Having fulfilled the 1.1075 sell signal”s 1.0900 minimum objective Thursday, the pattern became vulnerable to a corrective bounce. Understatement. Gapping up Friday morning extended sharply higher to touch the same 1.1120 resistance that had contained this week”s earlier bounce. Reacting down retraced more than 61.8% of the bounce to test 1.0970 — deep enough to trigger a new buy signal above 1.1075, while also suggesting extending any deeper would target new lows. I”ll describe this setup more thoroughly during the post-market Wrap.

Gold Aug Contract (GC, ETF: (GLD))
Another test of 1083.00 down to 1080.00 Friday was recovered quickly back above 1078.00, and then sharply higher to test 1100.00. The recovery should be obvious Monday, or else back under 1078.00 and 1083.00 would launch a new downleg .

Silver Sep Contract (SI, ETF: (SLV))
Surging through 14.75 Friday morning didn”t extend, and was actually retraced again, although 14.75 was still being tested as support to keep the pattern vulnerable to recovery.

30-year Treasury Sep Contract (US, ETF: (TLT))
Rallying Thursday to within 1 tick of the 155-16 target was followed by gapping up Friday and extending higher to attack the next higher target of 156-24 to within 3 ticks. Now the rally”s momentum remains intact so long as 155-16 holds as support.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Testing, retesting and re-retesting the 49.25 buy signal without breaking higher was reversed down sharply Friday afternoon to probe Monday”s low under 47.00. That also triggered the 48.25 sell signal, now targeting 44.25 if confirmed by a second consecutive lower close Monday.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
After ending Thursday at the 2.77-2.88 range”s lower-end, Friday extended down further to attack 2.70, where 2.77 would become a buy signal again.

Posted in Daily Spot