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Daily Spot… Relevant levels met all over the place. – If, Then… Market Timing

Daily Spot… Relevant levels met all over the place.

By Rod David | July 30, 2015 - 2:30 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 sell signal had extended down Wednesday afternoon, following an initially favorable knee-jerk reaction to the FOMC policy statement. Its ultimate reaction down extended much deeper Thursday, fulfilling the 1.0900 minimum objective for only a correction. The drop may extend to fresh lows under 1.0815-1.0835 so long as 1.0945 isn”t recovered.

Gold Aug Contract (GC, ETF: (GLD))
The 1083.00 target was fulfilled overnight which allows a rally leg to begin. But, first, closing back above 1086.00-1087.00 Thursday was the minimum requirement to signal that sellers were done. A bounce attacking 1095.00 reacted down to attack 1086.00-1087.00, and now closing back above 1093.50 can launch a rally.

Silver Sep Contract (SI, ETF: (SLV))
Wednesday”s probe above the 14.75 buy signal was repeated after the FOMC policy statement, but never extended higher. Dipping overnight was recovered back above 14.75 for another opportunity to extend higher. Closing above 14.90 would confirm a rally leg underway.

30-year Treasury Sep Contract (US, ETF: (TLT))
Dipping deeper Wednesday night to 153-13 didn”t pevent recovering Thursday to fill the gap back to 155-08, coming within 1 tick of the bounce”s 155-16 target. Closing above it would put into play the next higher objective at 156-20. Meanwhile, back under 154-12 would launch a new downleg, or at least a correction of the recent rally.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Another test of the 49.25 buy signal Thursday was also unable to break higher. Closing back under 48.25 signals the decline has resumed and is targeting 44.25.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Firming a little further overnight to the 2.77-2.88 range”s upper-end was already being retraced when Thursday”s EIA report triggered a deeper slide back down to its lower-end. Without breaking out either way, there is no new signal.

Posted in Daily Spot