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Daily Spot… Seems like a big day is coming. – If, Then… Market Timing

Daily Spot… Seems like a big day is coming.

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 probe under last week’s 1.0680 low must be rejected Wednesday, or at least not confirmed, to maintain potential for the interim pattern to be forming a bottom.

Gold Dec Contract (GC, ETF: (GLD))
Gapping down within its multi-session range and then trending down intraday Tuesday extended to fresh lows at 1064.50, closing under prior lows. Confirming the breakout with a second consecutive lower close Wednesday would likely launch a substantial downleg. Otherwise, a false break would resolve by rallying sharply Wednesday.

Silver Dec Contract (SI, ETF: (SLV))
Probing fresh lows intraday Tuesday was recovered at least to close around the range’s ~14.15 lower-end. Rallying by mid-day Wednesday would be credible for launching a new rally leg.

30-year Treasury Dec Contract (US, ETF: (TLT))
Tuesday’s dip attacked the 152-16 sell signal but didn’t trigger it as the market consolidated Sunday night’s reaction down from attacking its 154-10 buy signal as closely.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The 41.00 pullback limit was essentially tested Tuesday, which would require extending higher aggressively by midday Wednesday if the recent downleg has ended.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Sliding overnight allowed another attempt to recover two relevant resistance levels simultaneously, 2.31 and 2.37. The latter was still being overlapped, so almost any initial strength Wednesday would be credible for extending higher intraday.