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Daily Spot… When it rains it pours. – If, Then… Market Timing

Daily Spot… When it rains it pours.

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))
A third consecutive close at resistance gapped up and extended higher intraday Monday. From 1.1120 to 1.1220, to 1.1360 and now up to a 1.1700 handle with a probe above 1.1800 in-play.

Gold Dec Contract (GC, ETF: (GLD))
Flat-to-lower ranging during Sunday night was recovered almost grudgingly to probe a fresh high that satisfied the 1169.00 target narrowly missed last week. Gradually reacting down into the close later spiked down momentarily to 1145.00 and back up again,

Silver Sep Contract (SI, ETF: (SLV))
Complete divergence allowed a break lower back to last week”s low, which had narrowly stopped 2 cents short of touching its 14.65 pullback objective. It was actually probed by at least a nickel Monday morning. Its reaction up to 15.10 reacted down, but held above 14.65.

30-year Treasury Sep Contract (US, ETF: (TLT))
Continued flight-to-quality triggered Sunday night”s surge to new highs that extended intraday to 163-01. The stock market”s recovery attempt let bonds drop sharply back down to 159-26, bouncing into the close to overlap the rally”s prior 160-20 target as resistance.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh lows Sunday extended through Monday morning and eventually came within 20 cents of fulfilling this leg”s 37.55 target.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Gapping down and probing a fresh low was reversed back into positive territory Monday intraday. While that may foreshadow a bottom forming, it doesn”t qualify as the bottom, or as its reversal, which would yet be able to form. In fact, the recovery was retraced into negative territory, although not to a fresh low.