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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | February 18, 2015 - 2:55 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 Mar Contract (EC, ETF: (FXE))
Wednesday”s reaction down from having recovered up to 1.1425 was itself recovered back, Not quite back up to 1.1425, but into Tuesday”s range that was testing it. Not extending higher aggressively Wednesday morning would start to be bearish.

Gold Apr Contract (GC, ETF: (GLD))
Lower lows Wednesday tested 1200.00, and the second consecutive lower close confirmed Tuesday”s deep breakout. The 1185.00-1195.00 target remains intact — best singularly represented as 1191.50 — so long as bounces now hold 1216.00 as resistance.

Silver Mar Contract (SI, ETF: (SLV))
Wednesday”s gap up only tested Tuesday afternoon”s highs before reversing back down to Tuesday”s lows. Tuesday”s breakout wasn”t confirmed by a second consecutive lower close, but buyers didn”t gain any traction for their efforts.

30-year Treasury Mar Contract (US, ETF: (TLT))
Wednesday”s reaction to FOMC Minutes extended the morning”s firming from Tuesday”s fresh low at 143-30, and tested the 144-30 bounce limit. Its recovery introduces potential up to 146-14 or 147-00, even if only as a temporary corrective bounce.

Crude Oil Mar Contract (CL, ETF: (USO, UWTI))
Another reaction down Wednesday from testing 54.00 is assumed to be only temporary since there was no bearish reason for Tuesday”s third test of 54.00 resistance.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Tuesday”s dip to the original 2.70 buy signal was recovered Wednesday to test Tuesday”s gap up to 2.85, helping to confirm the uptrend remains intact.

Posted in Daily Spot