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Daily Spot… Gold is gone. – If, Then… Market Timing

Daily Spot… Gold is gone.

By Rod David | September 9, 2015 - 3:28 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))
Wednesday’s gap down immediately began failing to exploit Tuesday’s firming, which had avoided confirming any prior breakout. Reversing up almost immediately does barely qualify as exploiting the recent stability. But there is no time left for a bullish pattern to delay extending higher.

Gold Dec Contract (GC, ETF: (GLD))
Having tested the 1125.70 bounce limit at Tuesday’s high, the decline was free to resume Wednesday, which it did aggressively by falling to new lows testing 1100.00. Extending under 1098.40 would require new lows under 1078.00.

Silver Dec Contract (SI, ETF: (SLV))
Still delaying the gap-fill back down to 14.35 despite Gold now tumbling makes the pattern even less decipherable, and less interesting to trade without it first resolving that issue.

30-year Treasury Dec Contract (US, ETF: (TLT))
Extending Tuesday’s 154-17 sell signal gapped down Wednesday to fresh lows testing 152-14. That was recovered as stocks fell, back into positive territory probing 10 ticks above the 154-17 sell signal. The sell signal was not confirmed, but retesting Wednesday’s gap open at 153-14 would help a recovery attempt to extend higher intraday.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Sliding only slightly Wednesday to 44.10 still managed to probe under Tuesday’s low. Now there’s a timing requirement to begin probing fresh highs above 50.00, as any aggressive weakness Thursday would be credible for extending down.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Still bouncing within its recent narrow range is greeting Thursday’s EIA report from the range’s lower-end, but still within the range. That’s still not an enviable position of strength, unable to avoid an initially negative knee-jerk reaction down. But recovering a reaction down that originated within the channel would help to form a bottom.

Posted in Bigger Picture, Daily Spot