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Daily Spot… Gold and bonds extended. – If, Then… Market Timing

Daily Spot… Gold and bonds extended.

By Rod David | June 10, 2015 - 2:42 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 Jun Contract (EC, ETF: (FXE, UUP))
Fresh highs Tuesday night at 1.1388 were only attacked Wednesday morning, but last week”s highs were clearly pierced, in position to fulfill the eventual third higher close that remains outstandingg.

Gold Jun Contract (GC, ETF: (GLD))
Holding the 1175.00 bounce limit Tuesday didn”t prevent gapping up Wednesday to the next higher bounce limit at 1191.70. This one is more critical to hold, as closing any higher would take the 1158.50 objective out of range. Back under 1185.30 would signal that the bounce had ended.

Silver Jul Contract (SI, ETF: (SLV))
Rallying only enough Wednesday morning to pierce the lower-end of the 16.15-16.35 target range. That was retraced to unchanged around 15.95, still leaving no new signal.

30-year Treasury Jun Contract (US, ETF: (TLT))
Attacking the next lower objective at 148-08/148-10 to within 1 tick Tuesday was only one reason why a bottom had not formed. Wednesday”s gap under it tested the next lower support at 147-18. Back above 148-11 would target 149-08 without yet reversing the trend up. The 30-year auction is on Thursday, and the 10-year went off well on Wednesday.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday”s gap up above Friday”s high had invalidated the 58.75 sell signal. Extending higher overnight gapped up sharply Wednesday to test 61.80. Its reaction tested 60.80 as support, whose recovery signals 63.15 in-play, so long as pullbacks then hold 60.30.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Probing higher overnight to 2.92 gapped up Wednesday, dipped a dime to probe negative territory, then recovered back toward the highs. Ending the day with a third higher close fulfills the minimum requirement and leaves no unfinished business above. But greeting Thursday”s EIA report after three consecutive higher closes is a position of strength. Leaving that minimum requirement outstanding would have been a slightly better position of strength, having that attraction above.

Posted in Daily Spot