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Daily Spot… Crude Oil meets its refined target. – If, Then… Market Timing

Daily Spot… Crude Oil meets its refined target.

By Rod David | August 6, 2015 - 2:32 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))
Firming Thursday off of Wednesday”s test of 1.0855 support tested 1.0920-1.0945 resistance to remain only a bounce refueling sellers. Back under 1.0900 would resume the decline.

Gold Dec Contract (GC, ETF: (GLD))
Testing of 1083.00-1087.00 support bounced Thursday up to 1093.00 resistance, not yet breaking the range either way to signal trending in that direction. Above 1100.00-1105.00 would signal an upleg underway, and the risk is to fresh lows at 1062.00 or 1050.00.

Silver Sep Contract (SI, ETF: (SLV))
Ranging narrowly around 14.55 continued to avoid trending, which would be signaled beyond either end of the 14.35-14.90 range.

30-year Treasury Sep Contract (US, ETF: (TLT))
The recovery from Wednesday”s 155-06 low extended higher Thursday to probe above 157-00, targeting a retest of Monday”s 157-30 high up to 158-08 so long as 155-16 now holds as support.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh lows Thursday morning fulfilled the 44.25 target. The decline wasn”t rejected by a bounce, or renewed by closing below it, making fresh lows likely, even if only temporarily.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Probing a nickel under 2.77 ahead of Thursday”s EIA report reacted up sharply to test the 2.83 buy signal. It held its test for now, but remains the buy signal.

Posted in Daily Spot