A daily summary of high-profile members of several complexes.
Eurodollar Sep Contract (EC, ETF: (FXE, UUP))
Fresh pullback lows overnight attacked 1.1702 closely enough before Thursday’s open to consider its test as having fulfilled more selling pressure than Wednesday’sintraday dip to 1.1725. Regardless, closing back above 1.1725 starts to signal the pullback’s retracement up to 1.1850 is underway.
Gold Aug Contract (GC, ETF: (GLD))
Barely filling the gap back down to the prior week’s 1241.60 low close was reversed back up through the Thursday morning up to Wednesday’s 1248.50 sell signal. Its recovery would help to start forming a bottom, but the bounce otherwise is only a temporary correction on the way down to 1237.50.
Silver Sep Contract (SI, ETF: (SLV))
Gapping up Thursday from Wednesday’s test of the prior week’s 15.80 lows extended higher through the morning to touch the 16.02 buy signal. Closing above it would start to form a bottom and reverse the trend up. Again. Meanwhile, the buy signal’s test is potentially the peak of a corrective bounce.
30-year Treasury Sep Contract (US, ETF: (TLT))
Thursday’s gap down to the 145-02 sell signal held its retest to produce a bounce that essentially filled the gap back up to Wednesday’s close. Its reaction attacked 145-02, still awaiting either its break lower or a break above 145-25 to extend in that direction.
Crude oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Bouncing overnight back up to the 71.05 sell signal that had triggered Wednesday never improved Thursday, and only extended lower. Wednesday’s break from a multi-session range and under its 72.90 pullback limit is now a confirmed breakout. At least an eventual third lower close is required. Already having fulfilled the rally’s 75.30target to within 3 cents, the signal could develop into a trend reversal.
Natural gas Aug Contract (NG, ETF: (UNG, UNL))
Wednesday’s bounce was still testing its 2.82 bounce limit and not reversing the downtrend. Gapping down Thursday and extending down intraday keeps alive the decline’s momentum.
About the Author
Rod David develops analytical techniques that are designed to efficiently identify targets and turning points for any liquid stock or market in any time frame. He primarily analyzes S&Ps, generating several round-turn candidates daily. Rod publishes "Trading Plan" and more each session at the blog http://IfThenSignals.com.