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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | February 19, 2015 - 2:18 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))
Thursday”s narrow ranging didn”t immediately exploit Wednesday”s recovery from having trended down initially intraday. Delaying further improvement at this stage of the pattern is itself potentially bearish. But early strength Friday would be credible for resuming the rally.

Gold Apr Contract (GC, ETF: (GLD))
The post-close reaction to Wednesday”s FOMC Minutes extended higher overnight to test the 1216.00 bounce limit up to 1223.00. Thursday”s gap up began reversing down immediately to test 1206.50, and to maintain the decline”s momentum, targeting 1191.50.

Silver Mar Contract (SI, ETF: (SLV))
Thursday”s gap up above Wednesday”s high did not extend higher, and did not reverse the trend up. Its immediate peak reversed down but stopped optimistically short of actually touching Wednesday”s close. That optimism can be bearish from a contrarian perspective

30-year Treasury Mar Contract (US, ETF: (TLT))
Wednesday”s bounce limit test at 144-30 gapped back down to and through 144-18 Thursday and ranged sideways. No targets or requirements are outstanding.

Crude Oil Apr Contract (CL, ETF: (USO, UWTI))
[Rolling coverage forward to Apr from Mar, 65-cent premium] Wednesday”s post-close reaction to inventory reports was extended overnight. But Thursday”s touch of uptrending support at 49.90 reacted up sharply to fill the gap back to Wednesday”s 52.36 close, maintaining the larger Ascending Triangle pattern resisted by 54.65.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Thursday”s probe of fresh highs was brief before reversing back into negative territory. The reversal was recovered entirely, and a fresh high close remains outstanding.

Posted in Daily Spot