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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | October 7, 2014 - 2:40 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 Dec Contract (EC, ETF: (FXE))
If the gap down to Monday”s new low open were the culprit inhibiting a Tuesday from rallying, then a lot of buying pressure was expended to avoid the retest, anyway. And that continues to suggest fresh lows remain in-play. At this stage, it is the intraday recovery from fresh lows that would signal a bottom.

Gold Dec Contract (GC, ETF: (GLD))
Overnight narrow ranging around unchanged was duplicated Tuesday, not gaining any upside traction, and only delaying the likely eventual probe of lower lows. The gap back to Thursday”s 1214.00 close was actually filled, so there shouldn”t be much further delay to resuming the decline.

Silver Dec Contract (SI, ETF: (SLV))
Narrow, choppy, sideways ranging didn”t extend Monday”s bounce, and mostly just expended Tuesday”s buying pressure without gaining traction for the effort.

30-year Treasury Dec Contract (US, ETF: (TLT))
Friday”s shallow downside follow-through had begun earning a retest of recent highs, both through last week”s 140-01 overnight high and back up to last month”s 140-15 intraday highs. So long as 140-05 holds as support, the retest can extend to 141-00 simply as noise, and still be only a retest of the prior high. Any higher would target 141-26/142-00.

Crude Oil Nov Contract (CL, ETF: (USO))
Firming overnight failed to gain traction and Tuesday”s session was defined mostly by attacking Monday”s lows around 89.00.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Not extending Monday”s drop to 3.91 still needed to recover back above 3.93 to suggest the decline could bottom. Tuesday bounced back to 3.97 resistance, and now must close above it to keep alive the recovery potential.

Posted in Daily Spot