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Daily Spot… Euroooooooh. – If, Then… Market Timing

Daily Spot… Euroooooooh.

By Rod David | October 22, 2015 - 2:22 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))
The potential for resuming its rally was overcome by the vulnerability to extending its decline. Two prior sessions of hovering optimistically short of filling its gap back to Friday’s close didn’t help to absorb Thursday’s bearish ECB news. Room for noise down to 1.1300 was easily exceeded on the way to a prior low at 1.1140. Closing above 1.1180 would signal the drop was only a one-day wonder.

Gold Dec Contract (GC, ETF: (GLD))
Narrow ranging Thursday morning around the 1165.50 pullback limit that had held already Tuesday doesn’t prevent resuming the decline, but it does give confidence to a more aggressive buy signal than 1180.00, triggered above 1173.50.

Silver Dec Contract (SI, ETF: (SLV))
Thursday’s gap up tested 15.85 which helped to reject Wednesday’s dip under it. Closing any higher Friday would be credible for launching a new upleg to fresh highs.

30-year Treasury Dec Contract (US, ETF: (TLT))
Wednesday’s maximum bounce limit test had reacted down initially Thursday, but another upleg probed higher above 159-00 into Thursday afternoon. Back under 158-10 would resume the drop.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s gap up was retraced entirely back down to Wednesday’s low, in-line with the momentum reversal underway, which remains intact so long as bounces hold any test of 46.85.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Thursday’s reaction to the EIA report probed a fresh low at 2.36 before bouncing to test Wednesday’s 2.38 low. This is still not a bottoming pattern, but there is no lower target in-play.

Posted in Bigger Picture, Daily Spot