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Daily Spot… Trending bar. – If, Then… Market Timing

Daily Spot… Trending bar.

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))
Sunday night”s dip tested the 1.1075 reversal signal and bounce back up to 1.1120. But only temporarily, as the morning”s low was retested. A second consecutive lower close Tuesday would confirm that momentum had reversed down.

Gold Dec Contract (GC, ETF: (GLD))
Two days of testing the 1112.00 pullback limit resolved up before Monday”s open gapped up to test those two days” 118.00-1120.00 highs. But the opening surge didn”t extend any higher. Neither was it rejected, so extending higher overnight would be likely to trend up Tuesday, too.

Silver Sep Contract (SI, ETF: (SLV))
Friday”s deeper test of its “lower prior highs” was almost rejected into Monday”s gap up. But the open”s surge didn”t extend higher as the balance of the session ranged sideways in positive territory. Back under 15.15 would probably test 14.90 as support. But almost any strength above 15.40 would be credible for extending higher.

30-year Treasury Sep Contract (US, ETF: (TLT))
Probing the 158-26 buy signal at Monday”s open extended up toward last week”s prior intraday highs, with potential back to last week”s 160-22 overnight highs if not rejected Tuesday.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh lows were probed Sunday night under 42.00 and even lower intraday Monday to test 41.65. The trend remains down so long as 43.10 now holds as resistance.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Friday”s extension of Thursday”s EIA reaction had attacked 2.77 support. Sunday night”s gap down pole vaulted over it to probe a nickel lower Monday, back to the two-week old prior low. Having touched a relevant level, closing back above 2.77 would now suffice at least to test the range”s 2.88 upper-end.