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

Daily Spot… Extensions.

By Rod David | July 17, 2015 - 2:38 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 1.0855 target was tested Friday, while also filling the new gap back to Thursday”s open. Back above 1.0915-1.0920 would be credible for extending sharply higher intraday.

Gold Aug Contract (GC, ETF: (GLD))
Gapping open at Wed/Thu lows didn”t prevent probing lower, and testing 1138.00. But none of that created any requirement or impetus to recover, and the drop extended to fresh lows testing 1130.00. A bounce to 1163.00 would be the likely objective of any rally begun Monday, probably be gapping up above 1138.00. That would leave unfinished business below to fill the gap back down to Friday”s close. Rallying without leaving any unfinished business must still close above 1151.00 to signal momentum actually reversing up.

Silver Sep Contract (SI, ETF: (SLV))
Gapping down Friday barely extended lower intraday, spending the balance of the session ranging narrowly around Thursday”s ~14.85 low.

30-year Treasury Sep Contract (US, ETF: (TLT))
Wednesday”s confirmed breakout above 150-24, which had held a test of its 150-08 pullback limit, extended higher Friday to test 152-00. While this fulfills the minimum requirement for an eventual third higher close, there is potential up to 154-00 or to fresh highs above 154-20 so long as pullbacks now hold 151-14 . Closing back under 150-08 would target new lows under 147-14.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday”s break under 52.00 continued dropping Friday, probing under the prior week”s 50.55-50.60 low, and targeting a test of fresh lows at 48.00.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Friday”s dull ranging touched 2.83 but didn”t react up sharply from it. Any further weakness Monday should be rejected very quickly and aggressively to avoid launching a deeper correction, while any initial strength would be credible for extending higher intraday.

Posted in Daily Spot