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Daily Spot… Crude is awfully calm. – If, Then… Market Timing

Daily Spot… Crude is awfully calm.

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))
Rather than reject 1.1120 either way, Friday only ranged choppily around it. That”s not necessarily bullish, but the path higher remains open so long as 1.1075 holds as support

Gold Dec Contract (GC, ETF: (GLD))
Friday”s ranging more thoroughly tested the 1112.00 pullback limit that was barely attacked Thursday. Closing above 1118.00 would be likely to resume the rally.

Silver Sep Contract (SI, ETF: (SLV))
Dipping back into the pullback limit that had been tested already down to 15.30 needs to hold its test of 15.20 support. There shouldn”t be much further delay in probing back above Thursday”s high if the recovery remains in-play.

30-year Treasury Sep Contract (US, ETF: (TLT))
Bouncing Thursday night stopped just several ticks short of the 158-24 bounce limit whose recovery would suggest a repeat of Wednesday night”s highs testing the 160-22 objective. The overnight high was retested Friday. Any close back under 157-14 would signal the trend reversing down.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday”s inside day was in-line with the four-session sequence of consecutive non-confirmations to consecutive breakouts. The inside day does make the next trending attempt vulnerable to being false and reversed more substantially in the opposite direction.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
After Thursday”s EIA reaction had extended down to attack 2.77, Friday”s open gapped up to 2.83 and probed it intraday. Closing above 2.88 would confirm the rally had resumed.