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

Daily Spot… Gravity.

By Rod David | October 12, 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))
Friday’s surge didn’t extend Monday, and barely enhanced intraday volatility.

Gold Dec Contract (GC, ETF: (GLD))
Initially trending higher overnight to attack the 1169.00 target was retraced back to Monday’s high, but not into negative territory, maintaining the rally’s momentum.

Silver Dec Contract (SI, ETF: (SLV))
Firming ahead of Monday’s open still barely even attacked last week’s 16.08-16.11 highs. But the session closed positive, keeping alive the recovery’s momentum and its potential to become a new rally leg.

30-year Treasury Dec Contract (US, ETF: (TLT))
The cash market was closed for Columbus Day which continued to inhibit trending beyond either sell signal currently being tested.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s dip attacking “lower prior highs” at or under 47.00 helps to confirm the recent surge wasn’t sponsored by strong hands, but it doesn’t yet reverse the trend down. That would be signaled by closing under 46.00.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Flat narrow ranging didn’t offer any early strength that would have been credible for extending higher intraday, and which still would be credible for extending higher intraday.

Posted in Bigger Picture, Daily Spot