Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the disable-gutenberg domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/jwl23/public_html/rd.johnlander.me/wp-includes/functions.php on line 6131
Daily Spot… Trending on vacation. – If, Then… Market Timing

Daily Spot… Trending on vacation.

By Rod David | September 2, 2015 - 2:22 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))
Wednesday”s gap down didn”t extend lower intraday, so it didn”t necessarily reject Tuesday”s firming, or the potential for rallying back up to prior highs. But there is no bullish reason to further delay obvious rallying.

Gold Dec Contract (GC, ETF: (GLD))
Having fulfilled the minimum bounce objective Tuesday to within a dime at 1147.40, the reaction down got a little weaker Wednesday. Any higher high would next target a retest of the rally”s original 1169.00 target, and higher to the 1179.50 area.

Silver Dec Contract (SI, ETF: (SLV))
Narrow choppiness around 14.55 resistance continued to fight the requirement for filling the gap back to last Wednesday”s 14.35 gap down, which makes rally attempts less credible so long as it remains outstanding.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping up again Wednesday also failed to extend higher intraday again. That didn”t result in a new downleg, although there is that vulnerability if only for being range bound instead of surging through 155-16 to retest the highs.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday”s post-close low had reacted to inventory data, which was repeated after bouncing overnight in reaction to Wednesday”s EIA report. Reacting up sharply from Monday”s 43.65 prior low”s retest to 46.00 further suggested that Tuesday”s retracement had not reversed the trend down, and that the rally”s momentum could still retest Monday”s high up to 50.10.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Tuesday”s restrained optimism of gapping up within the range without extending through it would have made fresh highs Wednesday credible for extending intraday. But Wednesday gapped down, also within the range, still giving clearance to fresh highs Thursday to extend. But the EIA report is not being greeted from a position of strength, so a knee-jerk reaction down can”t be precluded.

Posted in Daily Spot