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Daily Spot… Bigger bond bounce, while Gold gels. – If, Then… Market Timing

Daily Spot… Bigger bond bounce, while Gold gels.

By Rod David | July 16, 2015 - 2:26 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))
Stopping optimistically short of touching prior lows Wednesday revealed weak-handed buying pressure, which Thursday”s gap down testing 1.0865 proved. Bouncing back to the decline”s 1.0935 target as resistance, the opening gap reflects lower lows yet to come.

Gold Aug Contract (GC, ETF: (GLD))
Gapping down Thursday to Wednesday”s lows and no lower reflects weak-handed selling pressure. It”s not necessarily a bottom, and won”t necessarily avoid touching 1138.00. But probing above 1151.00 would be credible for extending higher without leaving unfinished business below.

Silver Sep Contract (SI, ETF: (SLV))
Gapping down Thursday was reversed briefly into positive territory before spending the afternoon ranging narrowly around unchanged. Probing above Thursday”s 15.15 intraday high would be likely to extend in that direction.

30-year Treasury Sep Contract (US, ETF: (TLT))
Wednesday”s tenuous close above 150-24 was retraced to test the 150-08 pullback limit down to 150-00 Thursday morning. It held, and rallying through the noon hour to fresh highs at 151-20. A second consecutive higher close would confirm Wednesday”s breakout, regardless of any unfinished business below being left outstanding.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday”s probing under 51.00 may be exploiting the continued delay in rallying that has made fresh lows targeting 48.00 increasingly likely.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
The reaction to Thursday”s EIA report was negligible. This, despite the pattern”s excuse for reversing down since Wednesday”s inside day had neutralized the attraction back up to Tuesday”s 2.91 opening gap up. The 2.83 pullback limit was attacked, and its break would still target at least 2.77. But any new strength through 2.91 would be credible for extending higher intraday.

Posted in Daily Spot