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Daily Spot… Market timing the Saudis – If, Then… Market Timing

Daily Spot… Market timing the Saudis

By Rod David | August 28, 2015 - 2:58 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 flat open precluded forming an Island Reversal from Thursday”s range. But the combined Thursday-Friday pattern may still form an Island if Monday”s open were to gap up.

Gold Dec Contract (GC, ETF: (GLD))
Brief overnight strength and then again post open began probing above the 1130.40 buy signal up to 1140.00, suggesting a tleast a test of 1147.40 is in-play.

Silver Sep Contract (SI, ETF: (SLV))
Thursday”s bounce to 14.55 resistance hovered optimistically Friday, still needing to fill the gap back down to Wednesday”s 14.31 open before a durable recovery would be credible.

30-year Treasury Sep Contract (US, ETF: (TLT))
Friday”s probe above the 157-07 buy signal was more productive than Thursday”s attempt before falling back to 156-16. The buy signal remains valid nonetheless.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Backed into a corner with falling prices, the Saudis have taken matters into their own hands to goose prices. Now we know why Thursday”s rally was so substantial despite my target having been missed by 20 cents at the lo — Saudis were entering Yemen. The news pushed price even higher, no doubt aided by two days of impending illiquidity and the return of a pre-weekend premium for geopolitical risk. Back under 42.75 would suggest fresh lows in-play at 37.55.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Friday”s gap up didn”t leave any unfinished business below since Thursday”s range was essentially an inside day. The pattern remains credible for launching a new upleg so long as new lows are avoided.

Posted in Daily Spot