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Daily Spot… Reverberations continue. – If, Then… Market Timing

Daily Spot… Reverberations continue.

By Rod David | August 26, 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))
Firming Tuesday night had reversed to gap down Wednesday and to protract the test of 1.1400 support, presumably before resuming the rally to probe above 1.1800, which would be triggered back above 1.1435.

Gold Dec Contract (GC, ETF: (GLD))
Tuesday”s pullback from testing the 1169.00 target Monday extended down overnight to gap down Wednesday, testing the 1125.70 maximum pullback limit that would keep alive another bounce. It was probed down to 1117.00 before trying to recover into the close. Back above 1130.40 would signal momentum reversing up to at least test 11147.40.

Silver Sep Contract (SI, ETF: (SLV))
A couple of days of testing 14.65 support failed to hold as overnight selling trended down sharply and Wednesday”s open gapped down under all prior recent lows to attack 13.90.

30-year Treasury Sep Contract (US, ETF: (TLT))
Tuesday night”s bounce to within 1 tick of the 159-10 buy signal was reversed back down Wednesday by the open, extending down sharply intraday to attack 156-00. Back above 157-06 would still trigger a rally targeting 161.26.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday”s gap up hardly even firmed before Wednesday”s open, and the intraday action essentially flat-lined, further suggesting a likely probe to fresh lows fulfilling the 37.55 target before a credible rally leg can begin.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Firming further at Wednesday”s open exercised the same restrained optimism as Tuesday afternoon”s recovery from filling the gap back down to Monday”s close. No unfinished business below and no excessive optimism doesn”t greet Thursday”s EIA report from strength, but the an initially negative knee-jerk reaction down would be likely to recover and to reverse up. Closing above 2.77 would start to signal a new rally leg underway..

Posted in Daily Spot