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Daily Spot… No statement is statement. – If, Then… Market Timing

Daily Spot… No statement is statement.

By Rod David | July 29, 2015 - 3:21 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))
Tuesday”s break lower extended down slightly Wednesday before the FOMC statement. Its reaction blipped-up, then resolved down to attack 1.1000. The drop should extend if the recent rally”s correction is underway, let alone its retracement.

Gold Aug Contract (GC, ETF: (GLD))
Slipping momentarily down to 1089.00 was recovered quickly back into the range, where a blip-up tested 1100.00 in reaction to the FOMC statement. That resolved back down into negative territory, still likely to visit 1083.00 before a rally would be credible.

Silver Sep Contract (SI, ETF: (SLV))
Crossing the 14.75 buy signal early Wednesday reacted up sharply to 14.90, helping to confirm the level is relevant. The surge was retraced entirely to test 14.75 as support, which held through the FOMC statements reaction.

30-year Treasury Sep Contract (US, ETF: (TLT))
Gapping down slightly and within Tuesday”s range still extended down Wednesday, testing the 154-00 pullback limit by several ticks. The FOMC reaction wasn”t very strong, but it recovered well back into the range. Dipping a little deeper Wednesday has made filling the gap back up to Monday”s 155-08 close likely to probe above it by at least a quarter-point — still assuming that 154-00 holds as support.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday”s EIA report triggered a surge that tested the 49.25 buy signal — twice, by a quarter. Its reaction down under 48.75 was too shallow to signal that longs were trapped. Closing back under 48.25 would have signaled extending down to 44.25.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Firming Wednesday in positive territory doesn”t strengthen the pattern any further for greeting Thursday”s EIA report. But neither is it any weaker, still sitting complacently within its 2.77-2.88 range..

Posted in Daily Spot