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Daily Spot… Lose the froth. – If, Then… Market Timing

Daily Spot… Lose the froth.

By Rod David | June 30, 2015 - 3:15 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))
Monday night”s weakness was recovered back up to unchanged at 1.1250 where intraday selling could probe under the overnight low. Then Monday night”s low was probed on the way down to Monday”s 1.1125 intraday low. The setup”s target is a deeper reaction down to 1.1065, so long as 1.1250 now holds as resistance.

Gold Aug Contract (GC, ETF: (GLD))
Gapping back down Tuesday helped to confirm that Monday”s test of 1183.70 resistance had held the corrective bounce. Gapping down Tuesday under 1175.00 support to a fresh low at 1165.40 was retraced aggressively, but only temporarily as the close tried resuming the decline.

Silver Sep Contract (SI, ETF: (SLV))
Sliding to fresh lows under 15.45 Tuesday morning reacted up sharply above 15.80, but only momentarily before dipping to a new low close..

30-year Treasury Sep Contract (US, ETF: (TLT))
Tuesday”s probe above Monday”s 151-04 intraday high was attacked Sunday night”s 151-22 high. Still overlapping Monday”s close prevented the confirmation of a second consecutive higher close. Back under 150-08 would start to signal momentum reversing back down

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday”s intraday rally attacked 59.75. Extending above 60.20 would be likely to extend up sharply, targeting 63.15.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Monday”s recovery from 2.77 back up to 2.83 was retraced again to retest 2.77 support. And that was again recovered back up to 2.83 which must be recovered through the close to launch a new rally leg.

Posted in Daily Spot